Iloilo City — American companies are gearing up to participate in the Philippines’ emerging nuclear power industry following the entry into force of the United States and Philippines’ Agreement for Cooperation in Peaceful Uses of Nuclear Energy, or 123 Agreement, on July 2, 2024
US Embassy commercial counselor Paul Taylor told participants of the 16th Media Seminar here that the embassy created an industry lead working group made up of American companies looking to bring their technologies to the Philippines.
“Right now, we have 14 American companies that signed up for this industry-led civil nuclear industry working group. These 14 companies, we expect that to expand to 40,” Taylor said.
The US State Department said the civil nuclear cooperation agreement provide a legal framework for exports of nuclear material, equipment and components from the United States to another country.
This provides a comprehensive framework for peaceful nuclear cooperation with the Philippines based on a mutual commitment to nuclear nonproliferation.
It will permit the transfer of nuclear material, equipment (including reactors), components and information for nuclear research and civil nuclear energy production.
“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,” the statement said.
The US State Department said nuclear energy could help achieve these vital global climate change and energy security targets, and the US looks forward to exploring new avenues of cooperation with the Philippines in civil nuclear energy and other clean energy initiatives.
“This agreement builds on the nearly 80 years of peaceful nuclear cooperation between our nations and establishes a framework for continued U.S. civil nuclear trade with the Philippines. This agreement is part of broader U.S. efforts to develop the Philippines’ civil nuclear sector,” it said.
It said creating a safe, secure and modern sector requires a skilled workforce, robust regulations and strong commercial partnerships.
“Our government is committed to working with the Philippines to advance each of these areas and we look forward to further building our partnership together,” it said.
The 123 Agreement will allow the transfer of information, nuclear material, equipment and components directly between the Philippines and the US or through authorized persons to engage in transfer activities, which will support potential nuclear power projects with US providers.
It will also pave the way for streamlining the licensing requirements for the private sector with respect to investments on nuclear-related intangible transfers of technology (ITT).
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