Manila: The Philippines is among the three countries in Southeast Asia that are frontrunners in the nuclear power bid, given their resolve to institute policies that will bolster capacity to address rising power demand.
According to Philippines News Agency, BMI, a unit of Fitch Solutions Company, said the Philippines, Vietnam, and Malaysia already have nuclear power programs in place, which open opportunities for investments. For one, the Philippines has committed to having at least 1,200 MW of nuclear power by 2032 and is a signatory to all major safety, security, safeguards, liability instruments, and governance frameworks available to date.
The report highlighted the Philippines' regulatory maturity, concrete policy support, and established institutional capacity, positioning it as the frontrunner in ASEAN's nuclear race. BMI noted that there could be opportunities for accelerated deployment given the Philippines' capabilities and experience, as the Bataan province houses Southeast Asia's only existing nuclear power plant, although it never became operational.
The Department of Energy (DOE) has already issued a comprehensive framework for the inclusion of nuclear energy in the country's power generation mix, through Department Circular (DC) No. 2005-10-0019. Under this framework, the first commercially developed and operated nuclear power plant will become the baseload facility and will be granted priority dispatch in coordination with the Independent Market Operator (IMO) and the System Operator (SO).
The pioneer nuclear power plant in operation will be automatically certified as an Energy Project of National Significance (EPNS), granting it access to incentives and fast-track processing under Executive Order No. 30. The Energy Regulatory Commission has been tasked with coordinating with stakeholders to implement a Regulatory Asset Base-type model or similar capital recovery mechanism.
Energy Secretary Sharon Garin previously stated, "By establishing clear rules for nuclear integration, we are giving confidence to investors, partners, and stakeholders that the Philippines is ready to responsibly and strategically adopt nuclear energy as part of its clean energy transition. Nuclear will complement renewables by providing reliable, stable baseload capacity-ensuring that our economy has the energy security it needs to grow while meeting climate goals."
