KHNP, Korea Eximbank and Meralco sign tripartite MOU on Philippine nuclear projects

KHNP, the Export-Import Bank of Korea and Manila Electric Company (Meralco) signed a tripartite memorandum of understanding in Manila to create a strategic framework for Philippine nuclear power development, a move tied to South Korean President Lee Jae Myung’s state visit and reported by multiple outlets as occurring on either March 3 or March 4, 2026. The three-party agreement frames cooperation on technology introduction, human resource development, feasibility studies and early-stage project work such as site selection, while Eximbank signals it will consider financing Meralco-promoted projects.

The signatories at the Manila ceremony included KHNP acting president Chun Dae-wook (reported alternately as Jeon Dae-wook), Korea Eximbank chief Hwang Ki-yeon (titles in reports range from President to Chairman and CEO), and Meralco chairman Manuel Pangilinan (reported as Chairman, Chairman and CEO, and President). Photographs published with coverage show Hwang Ki-yeon and Chun/Jeon Dae-wook holding MOU copies alongside Pangilinan and other dignitaries; a Korea Times caption lists Hwang as fifth from left, Chun Dae-wook fourth from left and Pangilinan third from left in the group photo at the signing.

KHNP framed the MOU as an early-stage partnership to help the Philippines establish a national nuclear program, with Korea News Plus quoting a KHNP representative: "The agreement is expected to help establish a close partnership from the early stages of the Philippines’ nuclear power initiative." The same KHNP representative added, "It will also strengthen our position as the project moves toward concrete development," and Korea News Plus reported the parties will hold joint discussions on technology introduction, expand capacity-building programs, and cooperate on site selection.

Korea Eximbank positioned itself as the financial partner expected to unlock Korean industry participation, with a Koreatimes-cited statement that "The three-way partnership is expected to further bolster Korea’s overseas expansion in the nuclear energy market as a first mover, especially on the occasion of President Lee’s state visit." Multiple outlets report Eximbank will review and consider providing financing support and design "customized financial packages" when Korean companies join projects; The Korea Herald notes Eximbank has previously financed Philippine power projects including the Ilijan and Cebu plants and is funding feasibility studies related to potential nuclear development in the Philippines.

Meralco’s role was presented as the local sponsor and market anchor; Asiae reported Meralco supplies about 55% of the country’s electricity, while Korea Times described Meralco as supplying more than 50% of national electricity. The Korea Herald quoted Meralco’s Manuel Pangilinan: "The certified technical expertise of Korean companies, combined with financial support from Eximbank, will strengthen the Philippines’ energy security and contribute to economic growth."

Coverage emphasizes that the MOU is a framework for cooperation rather than a construction contract: it commits the parties to joint discussions, capacity-building and feasibility work but does not specify reactor types, unit counts, financing amounts or binding procurement terms. Reporting also flags discrepancies to be resolved in follow-up verification - notably the March 3 versus March 4 signing-date reports and variant Romanizations of names such as Chun/Jeon Dae-wook, Kim Jung-kwan/Kim Jeonggwan and Maria/Cristina Roque. The three sides plan further meetings to develop the partnership and a project pipeline focused on site selection, human resource development and financing modalities.