The US could provide up to USD5 billion in debt financing to support private-sector investment in nuclear power generation in the Philippines, according to the Department of Energy (DOE). The potential financing, discussed with the US International Development Finance Corporation, could have terms of up to 25 years and would support private companies rather than provide a direct loan to the Philippine government. The DOE has also engaged the US Export-Import Bank on engineering support for feasibility studies and project design, while working with the Asian Development Bank to improve project bankability. No agreements have been signed.
The Philippines targets 1,200 MW of nuclear capacity by 2032, increasing to 2,400 MW by 2035 and 4,800 MW by 2050. Potential sites under consideration include Bataan, Batangas, Masbate, Pangasinan, Palawan and Camarines Norte. An initial feasibility study indicates that developing nuclear power at the mothballed Bataan Nuclear Power Plant remains technically feasible, including the potential deployment of small modular reactors. Meralco, Aboitiz Power, San Miguel Power and Prime Infra have expressed interest in the programme, with formal proposals from potential developers expected by 2027. Indicative industry timelines place micro-modular reactor deployment around 2028 and small modular reactors around 2030, although these timelines have not been validated. The programme is intended to diversify the country’s energy mix and reduce dependence on imported fuels, but financing, regulatory approvals and public acceptance remain key challenges.