The Marcos administration is considering launching a dedicated auction for nuclear energy projects as the country gears up for its first operational power plant.
The government, through the Department of Energy (DOE), is also open to seeking funding from multilateral agencies to mitigate project risks, according to an energy official.
‘We are studying the possibility of having its (nuclear energy) own auction, but we are looking into the legal framework,’ DOE-Energy Utilization Management Bureau director Patrick Aquino said yesterday on the sidelines of the 2025 Philippine International Nuclear Supply Chain Forum (PINSCF).
Aquino said the Nuclear Energy Program Inter-Agency Committee (NEP-IAC) intends to transition from preparatory activities to implementation-ready frameworks in a bid to achieve the country’s targets.
Under the existing nuclear roadmap, the Philippines wants to have at least 1,200 megawatts of commercially operational power plants by 2032 and to scale this up to 4,800 MW by 2040.
Aquino, who serves as NEP-IAC technical secretariat head, said it is also a ‘very good idea’ to tap the Asian Development Bank (ADB) and the World Bank to help minimize financial risk exposure for nuclear proponents.
‘We’re hopeful that with the push of the United States, multilateral agencies like the World Bank and ADB will revisit their investment direction and instruction when it comes to nuclear because right now, they’re not actively investing in nuclear power projects,’ he said.
With the recent passage of the nuclear safety law and the implementation of energy reforms, Aquino is optimistic that the Philippines’ nuclear ambitions could attract more foreign investments.
The 2025 PINSCF, for instance, drew nuclear technology leaders, policymakers, regulators, industrial partners and development agencies from the US, South Korea, Canada, the United Arab Emirates and Argentina.
These participating countries, he noted, are all interested in supporting the Philippines’ nuclear journey.
‘It was a privilege to learn from these different countries successfully operating resilient nuclear plants and reaping benefits from their safe use,’ Aquino said.
‘We will continue to strengthen the ties we have forged in the two forums as we work toward achieving a clean, reliable and secure energy future for the country,’ he said.
President Marcos recently signed a landmark measure establishing the country’s first independent nuclear regulatory body.
Republic Act 12305 or the Philippine National Nuclear Energy Safety Act provides the legal and institutional groundwork for the safe and peaceful use of nuclear power.
According to Aquino, the law’s implementing rules and regulations are targeted to be issued within this year.