During a high-profile state visit to Manila on Tuesday, March 3, 2026, South Korean President Lee Jae Myung and Philippine President Ferdinand Marcos Jr. solidified a major partnership aimed at transforming the Philippine power landscape. Central to their discussions at Malacanang Palace was a renewed commitment to nuclear energy cooperation, specifically targeting the revival of dormant facilities and the development of new infrastructure. President Lee highlighted the strategic nature of this alliance, stating, “We agreed to enhance substantive cooperation in the field of nuclear power”. This diplomatic breakthrough was further cemented on Wednesday, March 4, 2026, through a tripartite memorandum of understanding involving Korea Hydro & Nuclear Power (KHNP), the Export-Import Bank of Korea (Korea Eximbank), and the Manila Electric Company (Meralco).
The agreement establishes a comprehensive blueprint for nuclear energy cooperation that integrates Korean technical expertise with Philippine local market knowledge. This framework covers everything from site selection and human resource training to complex feasibility analyses. This strategic partnership is expected to provide South Korea with a vital foothold in the expanding Southeast Asian energy market.
KHNP emphasized the synergy of this partnership, noting, “In particular, this collaboration is significant in that it serves as an integrated cooperation model that supports the systematic promotion of new nuclear power plant projects in the Philippines by combining Korea Hydro & Nuclear Power’s nuclear power plant construction and operation experience, the Korea Export-Import Bank’s financial support capabilities, and Meralco’s local power business experience”.
Korea Eximbank President Hwang Ki-yeon further underscored the financial commitment, remarking, “This MoU will be an important starting point for expanding Korea Eximbank’s financial know-how into the Philippine nuclear power plant sector”. He added that the institution will “continue to strengthen our role as a financial engine so that the Philippine nuclear power plant market can establish itself as a future growth engine for our companies”.
A primary focus of this bilateral nuclear energy cooperation is the long-stalled Bataan Nuclear Power Plant, a 621 MWe facility originally started in 1976 but left mothballed since the mid-1980s. Following an earlier MOU signed in October 2024, KHNP is currently assessing the site’s potential for a 2032 restart. This initiative aligns with the Philippines’ ambitious energy roadmap, which seeks 1,200 MW of nuclear capacity by 2032, eventually scaling to 4,800 MW by 2050.
Meralco Chairman Manuel Pangilinan praised the collaboration, stating, “Along with the proven technological prowess of Korean companies, the financial support from Korea Eximbank is a meaningful step forward in strengthening the Philippines’ energy security and driving economic growth”.
President Lee summarized the joint vision by saying, “Based on the results of the feasibility study on resuming the Bataan Nuclear Power Plant and the memorandum of understanding (MOU) on cooperation for the introduction of new nuclear power projects, our two countries will position themselves as optimal partners in nuclear energy cooperation”.
