The Export-Import Bank of Korea said Wednesday it has signed a tripartite memorandum of understanding with Korea Hydro & Nuclear Power and Manila Electric Company to support nuclear power development in the Philippines.
The agreement positions Eximbank as a financial partner for potential nuclear projects led by Meralco, the Philippines’ largest private power distributor, while strengthening South Korea’s competitiveness in the global nuclear energy market.
Minister of Trade, Industry and Resources Kim Jung-kwan and Philippine Secretary of the Department of Trade and Industry Maria Roque attended the signing ceremony.
The deal follows President Lee Jae Myung’s recent visit to the Philippines and aims to create financial support mechanisms that could help Korean nuclear companies expand their presence in the Southeast Asian country.
Under the agreement, Eximbank will explore financial backing for Meralco-led nuclear projects in partnership with KHNP and other Korean firms. The parties also plan to cooperate on building a nuclear power ecosystem that combines KHNP’s technology with Meralco’s local network.
Eximbank has already supported several power infrastructure projects in the Philippines, including project financing for the Ilijan and Cebu power plants. The bank is also funding feasibility studies related to potential nuclear development in the country.
“The certified technical expertise of Korean companies, combined with financial support from Eximbank, will strengthen the Philippines’ energy security and contribute to economic growth,” said Meralco Chairman Manuel Pangilinan.
Eximbank President Hwang Ki-yeon said the agreement marks an important step in expanding the bank’s role in overseas nuclear energy projects.
“This memorandum will serve as a starting point for supporting nuclear energy development in the Philippines,” he said. “We will continue to provide financial backing to help Korean companies participate in future projects.”
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