In a significant development for the Philippines’ energy sector, the country signed the landmark ‘123 agreement’ with the United States. This agreement, formalized on the sidelines of the Asia-Pacific Economic Cooperation Summit, marks a major stride in nuclear energy cooperation between the two nations. It allows American companies to export nuclear fuel, reactors, equipment, and other specialized nuclear materials to the Philippines.
Philippine President Ferdinand Marcos Jr. expressed optimism about the agreement, highlighting its potential to create a “more energy secure and green Philippines.” He emphasized his vision for nuclear energy to be part of the Philippine energy mix by 2032, aligning with his plans to ensure affordable, reliable, and sustainable energy amid growing demands. Marcos Jr. underscored that nuclear energy, with its advanced technologies and stringent safety standards, could be a vital component in the Philippines’ energy strategy.
The pact also addresses concerns among business investors regarding the Philippines’ power supply and cost. US Ambassador to the Philippines MaryKay Carlson noted the keen interest of American nuclear technology firms in investing in the Philippines, a prospect that was previously hindered by the absence of such an agreement.