ADB lends Ayala $100 million to build more electric vehicle charging stations | ABS-CBN

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ADB lends Ayala $100 million to build more electric vehicle charging stations

ADB lends Ayala $100 million to build more electric vehicle charging stations

Benise Balaoing,

ABS-CBN News

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MANILA -- The Asian Development Bank (ADB) on Monday said it is lending Ayala Corporation up to $100 million to build more electric vehicle charging stations across the Philippines.

In a statement, the ADB said the loan package includes a concessional loan from the Canadian Climate and Nature Fund for the Private Sector in Asia (CANPA). ADB's financing, along with the concessional loan, will be used to build more EV charging stations nationwide.

A portion of the ADB funding will also be used to buy EVs for distribution across the country.

The Electric Vehicle Association of the Philippines in February last year noted that there were less than 10,000 EVs in the Philippines in 2022.

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The government hopes to have 2.4 million electric vehicles on the road by 2028.

Ayala Corporation is helping to lead the push for more e-vehicles in the Philippines through its mobility arm ACMobility.

ACMobility is the exclusive Philippine distributor of BYD--one of the world's biggest manufacturers of electric vehicles. It is also looking to build more EV charging stations in Makati. 

"This innovative blended financing comes at an opportune time as Ayala, through ACMobility, continues to ramp up its electric mobility investments," said ACMobility’s President and CEO Jaime Alfonso Zobel de Ayala.

ADB Country Director for the Philippines Pavit Ramachandran, for his part, said that a good electric mobility ecosystem will not only help the environment, but also drive economic growth through the creation of green jobs, boost energy security, and promote resilient urban development.



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Marcos Jr. cuts taxes for energy players engaged in build-operate-transfer deals with gov't

Marcos Jr. cuts taxes for energy players engaged in build-operate-transfer deals with gov't

Katrina Domingo,

ABS-CBN News

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MANILA — President Ferdinand Marcos Jr. has ordered the reduction of real property taxes of independent power producers (IPP) who entered a build-operate-transfer (BOT) agreement with the government.

In his Executive Order No. 83, Marcos Jr. said that “all liabilities for real property taxes for CY 2024, including any special levies… on property, machinery and equipment directly used by OPPs for the production of electricity under the BOT scheme” shall be “reduced to an amount equivalent to the tax due if computed based on an assessment level of 15 percent of the fair market value” of these properties.

“All interests and/or penalties on such deficiency… are also hereby condoned, and the concerned IPPs are relieved from payement,” the order read.

The order comes after the Department of Finance (DOF) raised concerns from various local government units that IPPs in their territories “are not entitled to exemptions and privileges enjoyed by other government-owned and controlled corporation.”

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The said discounted tax rate will be “applied to real property tax liabilities for succeeding years,” it said.

The DOF was also mandated to submit to the President a progress report on the implementation of the order after six months.

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