Sales and registration of electric and hybrid vehicles may be rising, but infrastructure gaps, such as the availability of charging stations for EVs, remain a key challenge.
Leoncio A. Palanca Jr., country manager of ING Philippines, said the problem is creating demand for new financing solutions to accelerate the transition to EV and unlock broader market potential.
‘Globally, ING actively addresses this through its Amsterdam-based Transition Accelerator team-designed to incubate promising innovations, scale early-stage technologies and forge cross-value chain connections for systemwide change,’ Palanca said.
The team has engaged over 300 prospects across four focus areas. These are clean mobility services, which include EV charging infrastructure, sustainable materials, industrial innovation and nature-based infrastructure, he said.
In the first half of 2025, ING closed four major EV charging transactions, including a pound 433-million green financing deal with Electra to deploy 15,000 charging points across nine European countries by 2030, and financing for EVgo to roll out about 2,100 fast-charging stalls across major US metropolitan areas.
Palanca said the bank is continuing support for clean energy projects in the Philippines, as well as sustainable infrastructure development and innovative financing solutions for businesses and communities.
This positions the country as a key player in Southeast Asia’s clean energy transition, Palanca said.
Transport contributes about 23 percent of the Philippines carbon emissions. To combat this, the government drives the adoption of electric vehicles through incentives and the Electric Vehicle Industry Development Act.
The Philippines has committed to a 75-percent reduction in greenhouse gas emissions by 2030 under its nationally determined contribution. The country’s power development plan also targets a power generation mix of 35 percent comprising of renewable energy by 2030 and 50 percent by 2040.
‘These ambitions are supported by a strengthening green finance ecosystem, including the Bangko Sentral ng Pilipinas Sustainable Finance Framework and Taxonomy Guidelines,’ Palanca said.
‘In the Philippines, there’s huge potential across multiple sectors-particularly in renewable energy, sustainable infrastructure and emerging areas like electric transport,’ he said.