SAN FRANCISCO - A landmark nuclear cooperation agreement between the United States and the Philippines, known as a 123 Agreement, has been signed at the Asia-Pacific Economic Cooperation (APEC) Summit. This deal will enable the Philippines to access US-developed nuclear technologies, including small modular reactors, enhancing the country's clean energy security and alliance with the US.
According to Philippines News Agency, the agreement, signed on November 16 (US time), marks the culmination of negotiations initiated by Vice President Kamala Harris during her trip to the Philippines in November 2022. The deal allows for collaboration in deploying advanced technologies, such as small modular reactors, to meet the Philippines' climate goals and energy needs. The 123 Agreement establishes a comprehensive framework for peaceful nuclear cooperation based on mutual commitment to nuclear nonproliferation. It is required by US law for the transfer of nuclear equipment and material for peaceful uses. The agreement also includes specific limitations on enriching, reprocessing, and transferring certain items without mutual consent. NuScale Power Corporation, a US nuclear energy firm, previously expressed interest in investing in the Philippines, indicating plans to conduct a site study in the country. President Ferdinand R. Marcos Jr. has acknowledged the country's power supply shortfall and the potential role of NuScale's investment in addressing it.