October 14, 2024 | 4:39pm
MANILA, Philippines — Meralco and South Korea’s Samsung C&T Corporation Engineering & Construction (Samsung C&T) have signed an agreement for nuclear energy development in the Philippines.
Meralco signed a memorandum of understanding (MOU) with Samsung C&T during the Philippines Korea Business Forum in Manila. The forum was part of South Korean President Yoon Suk Yeol’s visit to the Philippines in October.
“Through this MOU, Meralco stands to gain a comprehensive understanding of the critical aspects of nuclear energy development that will ensure that our future decisions are well-informed and aligned with international best practices. This aligns well with Meralco’s continuous efforts to work with global knowledge and technology partners to help us in our transition towards more diversified and sustainable energy sources,” Meralco Executive Vice President and Chief operating officer Aperocho said in a statement on Monday.
The MOU states that Meralco and Samsung C&T will share technical design capabilities for nuclear technology, as well as the prevailing regulatory framework, energy landscape, and necessary grid infrastructure. They may also include a pilot demonstration project for nuclear power.
“Our collaboration with Samsung C&T is a strategic move that cements our commitment to take an active role in contributing to the Philippine government’s efforts to integrate nuclear energy in the country’s future power supply mix,” Meralco Chairman and Chief Executive Officer Manue Pangilinan said.
The MOU followed the agreement between the Philippines and South Korea to conduct a feasibility study on the revival of the Bataan Nuclear Power Plant (BNPP).
Nuclear energy in the Philippines has long been a contentious point, with many arguing about the potential disaster that could come from mismanagement, as well as the radioactive waste that nuclear energy produces.
“We have to reiterate time and again that agreements like these are not for the best interest of the Philippines. Nuclear power is still the most expensive, most dangerous, and dirtiest way to generate electricity—no agreement will change that,” Greenpeace Philippines campaigner Khevin Yu said in the feasibility study.
The BNPP is also controversial. It was built by the late dictator Ferdinand Marcos Sr. and now his son and namesake, the current president, wants to seek its revival.
However, to some, the BNPP has become largely associated with the rampant cronyism and the massive debt that the Philippines incurred during Marcos Sr.’s Martial Law.
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Editor’s Note: Manuel V. Pangilinan, the chairman and CEO of Meralco is also chief executive of PLDT. A unit under PLDT’s media conglomerate has a majority stake in Philstar Global Corp., which runs Philstar.com. This article was independently produced following editorial guidelines.
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