Asian Development Bank to provide $300m for energy efficient transportation in Philippines
The Asian Development Bank (ADB) will provide $300m in financing to replace Pilipino tricycles powered by gasoline with energy efficient electric ones called E-Trikes.
The public transport vehicles will be introduced in Metro Manila and other urban centers across the Philippines under a lease-to-own arrangement and will run on an electric motor and rechargeable lithium-ion battery.
Commenting on the funding ADB Philippines country director Neeraj Jain remarked it had the potential to transform the transportation landscape in the country and make it a leader in electric vehicle development in Asia.
Reductions in fuel imports will save the local government about $100m per annum while reduce CO2 emissions by 260,000t.
Depart of Energy undersecretary Loreta G. Ayson added, "This project will lessen the Philippines' dependence on foreign oil imports, and by fabricating and assembling the tricycles domestically, it will create up to 10,000 jobs in the 5-year project implementation."
The project would also support the establishment of an e-vehicle parts industry, battery supply chain, and charging stations, including five off-grid solar charging stations all of which are consistent with the government's efforts to develop an e-vehicle industry.