MANILA, Jan. 27 (Xinhua) -- The Asian Development Bank (ADB) has signed a financing package of up to 100 million U.S. dollars to support Ayala Corporation's contributions to developing an electric mobility ecosystem in the Philippines, the multilateral lender said Monday.

The ADB said the funding will be used to procure and install electric vehicle charging stations (EVCS) and to purchase electric vehicles for commercial distribution.

According to the ADB, creating an EVCS network is crucial for the development of electric vehicles in the Philippines, which has high initial costs and limited charging infrastructure.

Ayala Corporation is one of the Philippines' largest and most enduring conglomerates, with a diverse portfolio that includes real estate, banking, telecommunications, and renewable energy. Enditem

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