The Philippines is exploring up to $5 billion in long-term United States (US) financing to jumpstart nuclear power development and attract investments in the capital-intensive industry.
During the Department of Energy’s (DOE) regular media briefing on Monday, Energy Undersecretary Giovanni Carlo J. Bacordo said the government held discussions with the US International Development Finance Corp. (DFC) on potential debt support with terms of up to 25 years.
“We also met with the U.S. International Development Finance Corporation, and they mentioned potential debt support that could reach up to 5 billion U.S. dollars for up to 25 years,” Bacordo said.
The financing could help ease the heavy upfront costs of nuclear projects and attract private developers, although no commitments have been announced.
Bacordo said the DOE is also exploring assistance from the Export-Import Bank of the United States (US EXIM) for feasibility studies and engineering work.
“We engaged with the EXIM, or the Export-Import Bank of the U.S., regarding their engineering multiplier program, which can assist with feasibility and design services,” he said.
The government is also coordinating with the Asian Development Bank (ADB) on credit enhancements and financing structures to make nuclear projects more attractive to investors.
The discussions followed the recently concluded Advanced Civil Nuclear Energy Reverse Trade Mission to the US, where Philippine officials met with financial institutions, technology providers and industry leaders.
Energy Secretary Sharon Garin said the mission also opened opportunities for broader energy cooperation and potential US investments.
“We conducted our Advanced Nuclear Energy Reverse Trade Mission in the US in which I met the US Secretary of Energy Chris Wright at Washington DC and discussed how to further strengthen our collaboration not only in nuclear energy but also in other fuels and other aspects of energy,” Garin said.
“We may be able to source fuel from the US and have several related agreements not only on nuclear matters but also on possible investments by US companies in the Philippines that will help us with energy security,” she added.
The government is also exploring an intergovernmental framework with the US to strengthen economic and commercial cooperation.
Meanwhile, regulators are considering the introduction of micro-modular reactors by 2028 and small modular reactors (SMRs) by 2030.
The DOE is also pushing for the full operationalization of the Philippine Atomic Energy Regulatory Authority (PHILATOM) to establish the regulatory framework for nuclear investments.
Energy Utilization Management Bureau Director Patrick T. Aquino said the government also met with Korea Hydro and Nuclear Power, Russia’s Rosatom, Canada’s CANDU and Japan Atomic Power Company to discuss technologies, financing, project development and workforce training.
“We want to bring investments, create quality jobs for Filipino engineers and skilled workers, and open opportunities for local businesses to participate in the global nuclear industry,” Aquino said.
The government is also assessing potential nuclear sites, including the Bataan Nuclear Power Plant, following positive findings from a 2025 feasibility study by Korea Hydro and Nuclear Power.
Aquino said other locations and technologies are being evaluated to determine the safest and most economical options.
“We are not simply looking to build a nuclear power plant. We are building the foundations for a safe, affordable, and sustainable nuclear energy industry,” he said.
Under the Philippine Energy Plan, the government targets 1,200 megawatts (MW) of nuclear capacity by 2032, increasing to 2,400 MW by 2035 and 4,800 MW by 2050.
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