The Department of Energy is in talks with the Maharlika Investment Fund, the Philippines’ first sovereign wealth fund, to invest in or finance nuclear power projects.
DOE-Energy Utilization Management Bureau director Patrick Aquino said at the sidelines of the Philippine International Nuclear Supply Chain Forum 2024 at Solaire Resort North in Quezon City that Maharlika was scouting for investments in the power sector.
“The charter of Maharlika is to make investments. And they’ve been really looking at the power sector in particular. We leave it up to the sound judgment of Maharlika whether they come in at whatever stake [in nuclear],” Aquino said.
He said DOE would provide Maharlika information about nuclear projects so it could make an informed decision as to what extent, if ever they will invest in nuclear.”
Aquino said nuclear power is in line with Maharlika’s energy transition, low carbon option. “So I wouldn’t be surprised if it makes sense to them, the returns are there, they would go and invest in nuclear,” he said.
Meanwhile, a delegation of 16 American companies, representing all areas of the nuclear supply chain, gathered in Manila to explore trade and investment opportunities to support the Philippines’ energy needs.
US Ambassador to the Philippines MaryKay Carlson cited the rapid growth in nuclear cooperation between the two countries, noting that what began as an idea two years ago had evolved into a full-scale trade delegation focused on advancing civil nuclear energy in the region.
“This initiative helps American companies focus their regional engagement and positions them to contribute to the development of peaceful, civil nuclear programs in countries like the Philippines,” Carlson said at the Philippine International Civil Nuclear Supply Chain Forum.
She said the US Trade Development Agency would deepen the collaboration by organizing a reverse trade mission in 2025, where Philippine executives could visit the United States to experience advanced US nuclear technologies firsthand.
Carlson said the USAID is collaborating with the DOE to help implement a comprehensive nuclear policy, while the US Nuclear Regulatory Commission (NRC) assists in establishing an independent regulatory body.
The DOE and its national labs also conducted over 25 workshops in the Philippines, focusing on nuclear safety, security and safeguards.
The US ambassador said the Philippines would need a deep and capable pool of talent to build and sustain its nuclear sector.
“To build this future workforce, the Philippines will need to develop local capacity to educate and train the thousands of engineers and technicians necessary to lead, manage, and run nuclear power-generating assets around the country,” she said.
Carlson said the Philippine-American Education Foundation (PAEF), also known as Fulbright Philippines, has committed $100,000 in initial funding for scholarships supporting Filipino students pursuing studies in nuclear and renewable energy.
The scholarships will allow students to attend leading US technical and engineering programs, building a pipeline of talent essential to the Philippines’ nuclear ambitions.
