The agreement for cooperation in the peaceful uses of nuclear energy or 123 Agreements between the Philippines and the United States entered into force last week, according to the US Department of State.
The agreement builds on the nearly 80 years of peaceful nuclear cooperation between the two countries which also establishes a framework for continued US civil nuclear trade with the Philippines as part of broader US efforts to develop the country’s civil nuclear sector.
The 123 Agreements provide a legal framework for the export of nuclear material, equipment and components including reactors and information for nuclear research and civil nuclear energy production from the US to another country.
It also serves as a comprehensive framework for peaceful nuclear cooperation with the Philippines based on a mutual commitment to nuclear nonproliferation.
The US Department of State said such agreement is needed as creating a safe, secure and modern nuclear power sector requires a skilled workforce, regulations and commercial partnerships.
“Energy security is an increasingly critical global challenge requiring deliberate collaborative efforts and together our two countries can make a significant contribution to our shared clean energy goals. Nuclear energy can help achieve these vital global climate change and energy security targets and we look forward to exploring new avenues of cooperation with the Philippines in civil nuclear energy and other clean energy initiatives,” the US State Department said further.
The Department of Trade and Industry (DTI) said the agreement is a “significant step” in diversifying and strengthening the country’s energy portfolio.
“This partnership underscores our commitment to clean and sustainable energy, vital for achieving our climate and economic goals. Nuclear energy will enhance our energy security and support economic growth,” said DTI Secretary Alfredo Pascual, in a statement.
Pascual also said the agreements are “a key opportunity to attract investments in clean energy, bolstering our position as a prime investment destination.”
He is also optimistic on the beneficial impact of the collaboration to the economy as a whole.
Prior to this development, the Manila Electric Co. (Meralco) in May pursued a pre-feasibility study program with US firm Ultra Safe Nuclear Corp. for the development of micro-modular reactor (MMR) technology in the country.
Meralco hopes to put up a power plant using this technology before 2028.
Ultra Safe manufactures MMR reactors with capacities ranging from 5 to 15 megawatts.
The parties expressed the agreement will enhance cooperation on clean energy and energy security as well as strengthen long-term bilateral diplomatic and economic relationships.
