This country's multimillion-dollar investment could change the future of electric vehicles — here's what's driving the push
Philippine conglomerate Ayala has announced plans to expand the country's electric vehicle charging network thanks to new funding from the Asian Development Bank's Canadian Climate and Nature Fund for the Private Sector in Asia. The expansion includes the purchase of EVs for commercial distribution.
The Philippines only just recently received its first Tesla Supercharger, but there are about 370 charging points across the country, the first having been installed in 2013.
Ayala is the biggest and oldest conglomerate in the Philippines. The scope of its business is broad, including real estate, telecommunications, banking, renewable energy, electronics, automotive, and health care. It also has investments in coal, but it has committed to getting out of that business by 2030 and has started divesting.
Nationally, the Philippines has committed to cutting pollution by 75% by 2030. The country has been making progress toward that goal, thanks especially to large-scale projects that clean up the electrical grid. These are sensible investments, given the circumstances. Among all countries affected by extreme weather events, the Philippines ranks 10th.
Charging infrastructure is one of the biggest roadblocks to the adoption of EVs. Big investments such as this one can help fill gaps and lower the barrier for drivers to make the switch. Once the chargers are in place, EVs are cheaper to run than gas cars and are much kinder to the environment. If you think you're ready to upgrade, TCD has a beginner's guide for EV shoppers that's worth a look.
Ayala officials are optimistic about the advancement of EV charging infrastructure.
"As we help build a comprehensive EV ecosystem for the Philippines, we wish to thank like-minded institutional partners like ADB for helping us expand our electric mobility initiatives, accelerate our contribution to the Philippines' climate goals, and reaffirm our purpose of building businesses that enable people to thrive," said ACMobility President and CEO Jaime Alfonso Zobel de Ayala, according to the Daily Tribune.
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