ADB approves $100-million loan for Ayala’s EV charging network 

The Asian Development Bank (ADB) has approved loans of up to $100 million, or around P5.9 billion, for Ayala Corp. subsidiary AC Mobility Holdings, Inc. (AMHI) to build an electric mobility (e-mobility) ecosystem in the country, according to a report by BusinessWorld.

The loan application was “approved” on Nov. 20, the multilateral development bank said on its website on Thursday.

The Ayala Electric Mobility Ecosystem Project sought an $85-million ordinary-capital-resources loan and a $15-million concessional loan from the ADB.

“Subsidiary AC Mobility Holdings, Inc. (AMHI) will be utilizing the ADB’s loan proceeds to support the procurement and installation of electric vehicles charging network (EVCN) nationwide of up to 1,700 EVCS (electric vehicle charging stations) to develop an e-mobility ecosystem in the country,” the uploaded loan document said.

AMHI aims to drive the country’s transition to EV over the next five to seven years by expanding its product offerings.

The project began its pre-construction phase this year and is expected to fully operate in 2032, the document said.

“The typical rated power capacity of one EVCS is at least seven kilowatts (kW) for AC output and a maximum of 120 kW for DC output,” it added.

AMHI said it has already installed 35 charging stations registered with the Department of Energy within the National Capital Region, Cordillera Administrative Region, and Regions III, IV-A, VI, VII, and XI.

“The project will cover the proposed new EVCS installations of AMHI… The location of proposed new EVCS installations for January 2024 to July 2025 [is] expanding AMHI’s EVCN coverage to five additional regions,” it said.

These locations include the Ilocos Region, Central Luzon, Bicol Region, Eastern Visayas, and SOCCSKSARGEN (South Cotabato, Cotabato, Sultan Kudarat, Sarangani, and General Santos City), while other sites for installation are yet to be identified by AMHI.

AMHI also said it is considering installing EVCS in non-Ayala properties, provided that the sites meet its criteria.

This initiative aligns with Republic Act 11697, also known as the Electric Vehicle Industry Development Act, which sets quotas for EV adoption in organizations with vehicle fleets to support domestic manufacturers and encourage EV adoption.

One key component of the law is the comprehensive roadmap for the EV industry, which aims to establish the Philippines as a producer and exporter of EVs by 2040.

Under this, the baseline scenario target is a 10% EV share of the vehicle fleet by 2040. Under the clean-energy scenario, the target is at least a 50% EV share.

Ayala Corp. has integrated EVs into its portfolio. It became the official distributor of Kia, Volkswagen, and BYD EVs in the Philippines in 2023.