MANILA – The Maharlika Investment Corporation (MIC) has shown interest in potentially financing nuclear energy projects as part of efforts to diversify the Philippines’ energy sources and reduce electricity costs. During a press briefing at the Palace, MIC’s president and CEO, Rafael Consing Jr., indicated a willingness to explore nuclear power investments, provided they comply with existing legal frameworks. This statement came in response to a query about MIC’s stance on nuclear energy investments.
Energy Secretary Raphael Lotilla, present at the same briefing, urged Consing to evaluate the financial implications of nuclear power. Lotilla highlighted President Ferdinand R. Marcos Jr.’s support for nuclear energy, noting its potential as a more reliable and cost-effective energy source compared to current options. The President has suggested that the Maharlika Investment Fund could conduct a financial analysis to better understand the costs and benefits of nuclear power.
Consing mentioned the need to review the Electric Power Industry Reform Act (EPIRA) to ensure that any nuclear investment would not violate cross-ownership restrictions between power generation and transmission sectors. EPIRA prohibits cross-ownership between transmission companies and those involved in generation and distribution.
Lotilla expressed hope that legislation promoting safe nuclear energy use would be enacted before the 19th Congress concludes. The House of Representatives passed House Bill 9293, the Philippine National Nuclear Energy Safety Act, in November 2023, which aims to establish a comprehensive legal framework for nuclear safety, security, and safeguards. Lotilla is optimistic that the Senate will follow suit with a similar bill.
The legislative process has been moving quickly, with committee hearings already held and further discussions ongoing. Lotilla believes that with unified support from both the executive and legislative branches, the bill can be passed during this Congress. He also mentioned that the government plans to collaborate with the private sector on nuclear power development.
In November 2023, the Philippines and the United States signed the 123 Agreement for Cooperation Concerning Peaceful Uses of Nuclear Energy. Additionally, Ultra Safe Nuclear Corp. (USNC), a global leader in nuclear technologies, has shown interest in investing in the Philippines. President Marcos is also exploring a partnership with the Emirates Nuclear Energy Corp. to advance nuclear energy use for power generation.
The Department of Energy has set a goal to have commercially operational nuclear power plants by 2032, starting with an initial capacity of 1,200 megawatts (MW), which is planned to increase to 4,800 MW by 2050.