The United States has indicated it could provide up to $5 billion in long-term debt financing for private companies planning nuclear power plants in the Philippines, the Department of Energy (DOE) said.
Energy Undersecretary Giovanni Carlo Bacordo told reporters that the US International Development Finance Corporation (DFC) raised the possibility during meetings held in the United States. He said repayment could run up to 25 years. The financing is intended for private power companies, not the national government. No agreement has been signed yet.
The Philippines has no operating nuclear plant. The 621-megawatt Bataan Nuclear Power Plant was built at a cost of about $2.3 billion but was never commissioned. The government now targets 1,200 megawatts of nuclear capacity by 2032 and 4,800 megawatts by 2050. These are policy targets, not committed capacity. Reports indicate the DOE was still developing the procurement framework for the first nuclear plant as of September 2026.
Energy Secretary Sharon Garin led the Philippine delegation to the United States. The DOE said Meralco, Aboitiz Power, San Miguel Power and Prime Infra have expressed interest in nuclear projects. Meralco previously received technical assistance from the US Trade and Development Agency to study small modular reactor designs.
Bacordo said the DOE is also working with the Asian Development Bank on credit enhancements meant to make nuclear projects acceptable to lenders. The department has also approached the Export-Import Bank of the United States about its engineering program, which can cover feasibility studies and design work.
The talks fall under the Philippines–US Agreement for Cooperation Concerning Peaceful Uses of Nuclear Energy, known as the 123 Agreement. It was signed in 2023 and took effect in 2024. The agreement provides the legal framework for the US to export nuclear materials, equipment and technology to the Philippines.
Garin said the visit covered more than financing. “We may be able to source fuel from the US,” she said, adding that the discussions also touched on possible investments by US companies in the Philippines.
The DOE also met representatives of Korea Hydro and Nuclear Power, Russia’s Rosatom, Canada’s CANDU and the Japan Atomic Power Company. The meetings covered reactor technology, financing, project development and workforce training. DOE Director Patrick Aquino said the department’s goals include creating jobs for Filipino engineers and skilled workers.
Sites under study include Bataan, Batangas, Masbate, Pangasinan, Palawan and Camarines Norte. The DOE is also pushing for the full operation of the Philippine Atomic Energy Regulatory Authority, which is to set the regulatory framework for nuclear investments.
The DOE has not announced a date for a formal agreement with the DFC.
