The Department of Energy (DOE) confirmed Monday the government is pursuing multiple financing avenues to kickstart the country’s nuclear energy program, with the United States offering at least $5 billion in potential funding support.
Energy Undersecretary Giovanni Bacordo said the US International Development Finance Corporation has indicated possible loan assistance reaching up to $5 billion, payable over as long as 25 years. Private sector investors planning to build nuclear power plants will be able to access this facility.
Other funding channels are also in the works. The DOE is coordinating closely with the Asian Development Bank to ensure project structures are sound and commercially viable. Separately, talks are ongoing with the US Export-Import Bank to access its engineering support program, which can help cover feasibility studies and design work.
These financial steps go hand in hand with strengthened bilateral cooperation. Last week, energy officials from both nations met to advance collaboration under the Philippines–US Agreement for Cooperation Concerning Peaceful Uses of Nuclear Energy, also known as the 123 Agreement. Signed in 2023 and in effect since 2024, this deal provides the legal framework for the US to supply nuclear materials, equipment, and technology to the Philippines. It reinforces nonproliferation commitments, supports workforce development, and paves the way for commercial partnerships — all critical to building a safe and modern nuclear sector.
Beyond financing, the partnership aims to boost the country’s energy security, diversify power sources, and develop local energy resources. It also covers cooperation in liquefied natural gas, geothermal, and other energy sectors.
The government’s nuclear roadmap targets 1,200 megawatts of capacity by 2032, rising to 2,400 MW by 2035 and 4,800 MW by 2050. Officials note that meeting these goals requires steady investment not just in infrastructure, but also in skills training and regulatory development.
