South Korea, Philippines Sign MoU to Advance Nuclear Power Development
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Tripartite MoU signed in Manila during President Lee’s state visit – Korea Hydro & Nuclear Power, Korea Export‑Import Bank and Manila Electric Company (Meralco) formalised cooperation on nuclear power projects, with Korean trade minister Kim Jeong‑kwan and Philippine trade secretary Maria Roque present [1].
Cooperation covers technology, training, feasibility and financing – The agreement calls for joint discussions on nuclear adoption, education and training programmes, early‑stage development tasks such as site selection, and exploration of financial support mechanisms for the Philippines’ new nuclear plant [1].
KHNP frames the partnership as an integrated model – KHNP highlighted that combining its construction and operation expertise, Korea Eximbank’s financing capacity and Meralco’s local power business experience creates a systematic approach to promote Philippine nuclear projects [1].
Korea Eximbank to lead financial review and custom packages – The bank will assess financing for Meralco’s nuclear initiatives, design tailored financial solutions for Korean firms involved, and help build a nuclear ecosystem linking KHNP’s technical know‑how with Meralco’s network [1].
Philippines targets first nuclear plant by 2032, scaling to 4,800 MW by 2050 – The Department of Energy’s framework grants priority dispatch to the Pioneer NPP and sets capacity goals of 1,200 MW in 2032, 2,400 MW in 2035 and 4,800 MW by 2050, reinforcing long‑term energy security [1].
U.S. Trade and Development Agency funds SMR study for Meralco PowerGen – A $2.7 million grant will support technical assistance to evaluate U.S. small modular reactor designs and develop an implementation roadmap for the Philippines’ first SMR plant [1].
- KHNP (Korea Hydro & Nuclear Power) – “In particular, this collaboration is significant in that it serves as an integrated cooperation model that supports the systematic promotion of new nuclear power plant projects in the Philippines by combining Korea Hydro & Nuclear Power's nuclear power plant construction and operation experience, the Korea Export‑Import Bank's financial support capabilities, and Meralco's local power business experience.”
- Hwang Ki‑yeon (President, Korea Export‑Import Bank) – “This MoU will be an important starting point for expanding Korea Eximbank's financial know‑how into the Philippine nuclear power plant sector… We will continue to strengthen our role as a financial engine so that the Philippine nuclear power plant market can establish itself as a future growth engine for our companies.”
- Manuel Pangilinan (Chairman, Meralco) – “Along with the proven technological prowess of Korean companies, the financial support from Korea Eximbank is a meaningful step forward in strengthening the Philippines' energy security and driving economic growth.”