investment – Page 9 – Author Carlo Carrasco

World Bank sees stronger Philippine economic growth in 2025

April 11, 2024April 2, 2024carlocarrasco

Recently the World Bank (WB) revealed its forecast of stronger economic growth for the Philippines in the year 2025 although still below the projections of the government, according to a BusinessWorld news report.

To put things in perspective, posted below is an excerpt from the BusinessWorld report. Some parts in boldface…

THE WORLD BANK (WB) maintained its economic growth forecast for the Philippines this year but raised its 2025 growth projection, amid expectations of higher consumer spending and foreign investments.

In its latest East Asia and Pacific (EAP) Economic Update, the World Bank said it expects Philippine gross domestic product (GDP) to grow by 5.8% this year, the fastest in Southeast Asia along with Cambodia.

The Philippines and Cambodia are seen to expand faster than Vietnam (5.5%), Indonesia (4.9%), Malaysia (4.3%), Lao People’s Democratic Republic (4.0%), Timor-Leste (3.6%), Thailand (2.8%) and Myanmar (1.3%).

For 2025, the World Bank raised its GDP forecast for the Philippines to 5.9% from 5.8%.

However, the World Bank’s growth forecasts for the Philippines are lower than the government’s target of 6.5-7.5% for 2024 and 6.5-8% for 2025 to 2028.

“What has sustained growth in the Philippines, like much of the region, has been consumption and the recovery in services,” WB East Asia and Pacific Chief Economist Aaditya Mattoo said at a virtual briefing on Monday.

He noted foreign investment flows into the Philippines might increase after the government implemented significant reforms such as Republic Act No. 11659 or the Public Service Act, which allows full foreign ownership in key sectors such as telecommunications and airlines.

“(The reforms) should begin to pay off in terms of greater foreign investment, which though in the short run… the flows have been less strong than we would have expected,” Mr. Mattoo said.

Climate and geopolitical shocks, as well as elevated inflation and high interest rates are risks to the growth outlook.

“If there is a resurgence in inflation, for example in the United States, which might well see interest rates even higher for longer, that would certainly affect growth throughout the region as we have estimated,” he said.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think the Philippine economy can grow stronger than the forecast of the World Bank for 2025?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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Thank you for reading. If you find this article engaging, please click the like button below, share this article to others and also please consider making a donation to support my publishing. If you are looking for a copywriter to create content for your special project or business, check out my services and my portfolio. Feel free to contact me with a private message. Also please feel free to visit my Facebook page Author Carlo Carrasco and follow me on Twitter at @HavenorFantasy as well as on Tumblr at https://carlocarrasco.tumblr.com/ and on Instagram athttps://www.instagram.com/authorcarlocarrasco

P170.6-billion NAIA deal signed

March 28, 2024March 18, 2024carlocarrasco

Recently at Malacañang Palace, the ambitious P170.6 billion agreement to rehabilitate and modernize the Ninoy Aquino International Airport (NAIA) was formally signed in the presence of President Ferdinand “Bongbong” Marcos Jr., House Speaker Martin Romualdez and Executive Secretary Lucas Bersamin which symbolically starts the public-private partnership, according to a Philippine News Agency (PNA) news article.

To put things in perspective, posted below is an excerpt from the PNA news article. Some parts in boldface…

The PHP170.6-billion Public-Private Partnership (PPP) agreement for the rehabilitation of the Ninoy Aquino International Airport (NAIA) is expected to herald economic growth through better collaborations with both local and foreign investors, Transportation Secretary Jaime Bautista said Monday.

At the signing of the concession deal between the Department of Transportation (DOTr) and the New NAIA Infra Corp. (NNIC) in Malacañang, Bautista said the PPP project would “open floodgates” of opportunities from investments, business, tourism, and employment.

“We welcome this development for the NAIA PPP Project as this will not only generate revenue for the government but it will also create opportunities for Filipinos. With a modernized NAIA, we are elevating the airport’s facilities and services to international standards,” he said.

The agreement, Bautista said, would send signal to the international business community about the viability of government infrastructure projects.

“This radical transformation comes at no small price Substantial investments in infrastructure and technology will necessitate collaborations with local and foreign partners,” he added.

San Miguel Corporation president and chief executive officer Ramon Ang, for his part, said the NNIC would not only rehabilitate but also improve the airport’s functionality and “establish a new standard in serving excellence.”

“Together with our partner, Incheon, we have assembled a team of experts, focused on implementing immediate improvement, and help us achieve our long-term goal for NAIA,” Ang said.

President Ferdinand R. Marcos who witnessed the signing described the pact as an “investment in our future.”

“This undertaking is not just about revenues that will be remitted to treasury alone, but resources invested in the airport,” Marcos said.

The agreement, signed by Bautista, Ang and Manila International Airport Authority (MIAA) General Manager Eric Ines, covers 15 years with an option for a 10-year extension.

Let me end this piece by asking you readers: What is your reaction about this recent development? Do you think this new public private partnership will succeed with achieving its goals of modernizing the NAIA, creating new jobs and attract both new investments and a higher number of foreign visitors in the years in the come?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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For more South Metro Manila community news and developments, come back here soon. Also say NO to fake news, NO to irresponsible journalism, NO to misinformation, NO to plagiarists, NO to reckless publishers and NO to sinister propaganda when it comes to news and developments. For South Metro Manila community developments, member engagements, commerce and other relevant updates, join the growing South Metro Manila Facebook group at https://www.facebook.com/groups/342183059992673

Philippines secures at least $4 billion worth of investments from Germany

March 22, 2024March 13, 2024carlocarrasco

The Philippines has been on a roll lately when it comes to attracting investors and sealing agreements. Following the success of attracting investment from Australia, the Philippines secured from Germany investments worth at least $4 billion (over P220 billion) as President Ferdinand “Bongbong” Marcos and his team went there recently, according to a news article by the Philippine News Agency (PNA). The said amount is more than double than what the nation secured from Australia.

To put things in perspective, posted below is an excerpt from the PNA news report. Some parts in boldface…

The Philippines has secured at least USD4 billion (PHP222 billion) worth of investments in various sectors during President Ferdinand R. Marcos Jr.’s working visit in Germany.

“We have secured business deals worth USD4 billion in Germany, the EU’s economic powerhouse!” he said in a Facebook post Wednesday morning.

“Last year’s significant investments from Germany underscore their confidence in us as a key partner in the Asia-Pacific. We eagerly welcome further collaborations in climate action and energy transition.”

On Tuesday night (Manila time), Marcos became the first Philippine president to address German business leaders in 10 years, coinciding with the 70th anniversary of Philippine-Germany diplomatic relations.

The Philippines and Germany established their diplomatic relations on Oct. 8, 1954.

Marcos also witnessed during the business forum the presentation and exchange of various memoranda of agreement or understanding and letters of intent with different German businesses.

Marcos, in his speech, said Germany is one of the countries that the Philippines is looking forward to further fostering strong business partnerships and collaboration, being one of the biggest economies in the European Union.

He said Germany has the biggest economy both in Gross Domestic Product and population, and a global force in technology and innovation.

“Last year was a testament to the continuing confidence of Germany in the Philippines as a partner in the Asia-Pacific and the ASEAN (Association of Southeast Asian Nations) region by leading among the countries in terms of investments,” Marcos said.

The President also touted the policy reforms and key legislations made by his government to make the Philippines a reliable partner for foreign investors.

In 2022, Germany was the Philippines’ 12th largest trading partner, 10th export market, and 15th import supplier.

Let me end this piece by asking you readers: What is your reaction about this recent development? Do you think that the confirmed investments from Germany will translate into new jobs and new opportunities for social and economic prosperity?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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Sun Life Investment Management and Trust Corporation (SLIMTC) anticipates strong Philippine economic growth for 2024

March 4, 2024February 23, 2024carlocarrasco

As far as Sun Life Investment Management and Trust Corporation (SLIMTC) is concerned, the Philippine economy can achieve strong growth this year with favorable economic factors supporting it, according to a Philippine News Agency (PNA) news article.

To put things in perspective, posted below is an excerpt from the PNA news report. Some parts in boldface…

The government’s 6.5 to 7.5 percent economic growth target for this year is attainable as the projected decline in interest rates will help boost consumption and investments, a top official of Sun Life Investment Management and Trust Corporation (SLIMTC) said on Thursday.

“It seems like it’s something that’s still attainable. Let’s see when rate cuts are there and especially when those infrastructure projects are in,” said SLIMTC Chief Investment Officer Ritchie Teo in a briefing at the Milestone Building in Bonifacio Global City in Taguig City.

According to Teo, the Bangko Sentral ng Pilipinas (BSP) is projected to cut rates by a total of 100 basis points this year as inflation continues to ease.

Headline inflation, which reached 6 percent in 2023, is projected to settle at 3.8 percent this year.

Teo said the BSP will likely wait for the US Federal Reserve to slash interest rates thus, the first rate cut is forecast to happen around June or the early part of the second half of the year.

“Probably good to say they will only cut when Fed cuts. They will wait for Fed so probably that’s on the latter part. Not in April, maybe in June or early second half,” said Teo.

SLIMTC expects the US Federal Reserve to cut policy rates by 75 to 100 basis points by mid-year as US inflation returns to target.

“They [BSP] will leave some [easing] on the latter part of the year mainly because of risks like the November election. So it’s good to have something on the table,” he added.

Teo said the lower interest rates will boost consumption and private investments, which in turn will help accelerate the country’s economic growth.

“Based on the latest gross domestic product (GDP) forecast, we anticipate 6% growth for 2024, largely driven by higher consumption and private investments,” he said.

Government spending especially on infrastructure projects is also expected to be one of the major growth drivers for this year.

“If you look into the investment side, maybe more on the government, given that they’ve been trailing but for the private investments, especially with the rate cuts, again their spending will improve because with the higher interest rates, some are really holding back,” said Teo.

Let me end this piece by asking you readers: What is your reaction about this recent development? Do you think easing inflation, lower interest rates and strong consumption will be enough to help the Philippine economy grow by at least 6% this year?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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Another tall residential tower to rise soon in Alabang

February 23, 2024February 15, 2024carlocarrasco

With a growing Philippine economy in this post-pandemic age, the future of progress in Alabang looks a bit brighter as a new tall residential tower in Filinvest City had its symbolic groundbreaking ceremony and construction will follow, according to a Malaya Business Insight news article.

To put things in perspective, posted below is an excerpt from the Malaya Business Insight article. Some parts in boldface…

1001 Parkway Residences by luxury real estate brand Filigree recently held its groundbreaking ceremony signaling that the construction is well underway.

The excavation works were in full swing in fourth quarter of 2023, while the first pouring is all set to happen in the first quarter of 2024.

“With the recent groundbreaking milestone, future residents of 1001 can look forward to all the benefits of high rise living in a cosmopolitan neighborhood. It is a premium address not only because it is an iconic building located right along the Millionaire’s Row of Filinvest City but also because it perfectly marries two highly sought-after worlds,” said Daphne Sanchez, Filinvest Alabang Inc. senior vice president for residentials & estates

Once completed, 1001 Parkway Residences will be the tallest residential tower in Alabang – an architectural statement that will stand out amidst Filinvest City’s skyline and expansive park system, seamlessly blending beauty and functionality. This will reflect within the property’s interiors and carefully thought out amenities that highlight understated elegance.

*The location of 1001 Parkway Residences in Filinvest City.*

Residents will get to experience a complete live-work-play concept, starting from 1001 Parkway’s common amenities that foster a healthy lifestyle and community synergy.

In the privacy of the residents’ spaces, the integration of beauty and functionality is incorporated in the design to promote a healthier environment. Every unit comes with a balcony so they can enjoy the outdoors within the comfort of their own spaces. Meanwhile, the living and bedroom areas are built with windows to allow ample amount of natural light and ventilation. 1001 Parkway Residences also offers garden units that offer picturesque views of the future Creekside Park.

Completing an exceptional and healthy living experience at 1001 Parkway Residences is its location in Filinvest City, the country’s first LEED (Leadership in Energy and Environmental Design) Gold-certified central business district.

Located on Millionaire’s Row at Spectrum, considered Filinvest City’s most premium district, residents will have convenient access to all of the essential establishments – from commercial centers and shops to leisure venues and parks – all a stone’s throw away from each other, allowing its future residents to walk from one establishment to another.

Let me end this post by asking you readers: What is your reaction to this recent development? If you are a resident of Muntinlupa City, are you delighted that another tall residential tower will open with Filinvest City? Do you know anyone with a lot of money who happens to be looking for a new residence or looking for a new investment opportunity?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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New SBMA chief Aliño eyes more hotels and infrastructure projects to make Subic Bay freeport more attractive to investors

January 26, 2024January 26, 2024carlocarrasco

Recently a local businessman who has extensive experience of doing business inside the Subic Bay Freeport Zone took office as the new head of the Subic Bay Metropolitan Authority (SBMA) and made clear his plan to make the zone more attractive to investors, according to a Philippine News Agency (PNA) news article. His predecessor served for last than one year.

To put things in perspective, posted below is an excerpt from the PNA news article. Some parts in boldface…

Businessman Eduardo Aliño officially assumed post on Monday as chairman and administrator of the Subic Bay Metropolitan Authority (SBMA).

During his first press conference as SBMA head, Aliño noted the vast potential of Subic which should be given priority for development.

“We have so many potentials here in Subic and we may be putting more hotels, more infra projects to attract more investors,” he said, adding that together with his management team, they will study everything to determine what is lacking.

Citing his experience as a locator himself, he also expressed his desire to give investors who are experiencing difficulties in paying their financial obligations to SBMA, a chance or consideration to recover.

He said these businessmen had invested so much money and it would be so painful to lose the business they dreamed of in Subic, so giving them a chance to recover would be like giving them a new lease on life.

Earlier on Monday, Aliño attended the flag ceremony in front of the SBMA Administration Office with his family, and was welcomed by senior officers, members of the board, and employees of the agency.

In his message, he revealed having some apprehensions when President Ferdinand R. Marcos Jr. offered him the position.

He said he consulted his family and thought about it for a while before saying “yes” to the President.

“How can I say no to your President?” he said. “Because if you always refuse to help our leaders, who else would? So, I said yes.”

Aliño said his acceptance of the post was also driven by his desire to repay for all the help that SBMA people had given him and his business over the past 20 years.

“It is because of you, other than us, that made our terminal into what it is right now. Hindi po namin magagawa ang lahat ng ito kung wala ang tulong ninyo (We won’t be able to accomplish all of these without your help)”, he said.

Aliño is the former president and chairman of the S.T.A.R. Group of Companies and former chairman of the Subic Bay Yacht Club. The S.T.A.R. Group of Companies is engaged in integrated supply chain services and port operations.

He is also the former president and chairman of the Subic Bay Freeport Grain Terminal Services Inc. and Mega Equipment International Corp. which is now being managed by one of his sons.

Addressing the employees of SBMA, the new administrator and chairman assured fairness and honesty in serving the people, while asking for their support.

“I promise you that I will be fair. I promise you to be honest,” he said, adding that he has no agenda other than to help and to serve SBMA as a gesture of love for the country, God and the President.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think the new SBMA head Aliño and his team will succeed in revitalizing business in the Subic Bay Freeport over the next six months?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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Philippines targets economic growth of 6.5% to 7.5% for 2024

January 25, 2024January 18, 2024carlocarrasco

Even though there are still uncertainties ahead, the national authorities here in the Philippines forecast economic growth of 6.5% to 7.5% this year, according to a Philippine News Agency (PNA) news article.

To put things in perspective, posted below is an excerpt from the news article of the PNA. Some parts in boldface…

The government is sticking to its gross domestic product (GDP) target of 6.5 to 7.5 percent for 2024 despite many organizations forecasting the economic expansion this year will miss the administration’s goal.

National Economic and Development Authority (NEDA) Undersecretary Rosemarie Edillon on Wednesday said the government has remained optimistic about achieving its target GDP growth for 2024.

“Of course, it’s a target. So, theirs is a forecast, meaning they are looking at what has been the trajectory before. But in our case, we have drivers for growth that we are pushing for,” Edillon told reporters on the sidelines of a joint economic briefing of foreign chambers in Makati City.

Among these sectors that would support economic expansion are international tourism, the Build Better More program of the administration, and the mass housing projects under the Pambansang Pabahay Para sa Pilipino or the 4PH Program.

“Then that will be a big factor actually in accelerating the growth,” she said.

Most of the forecasts of multilateral organizations and banks on Philippine GDP this year were below the government’s target.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think that the economy of the Philippines has enough momentum to grow at least 6.5% this year? What do you think will become the biggest obstacle for the Philippine economy with regards to external or overseas developments?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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CREATE Law attracts over P1 trillion worth of investments

January 10, 2024January 4, 2024carlocarrasco

While it is still uncertain as to how much the Philippine economy will grow by the end of this new year, over a trillion Pesos of investments were attracted by means of project approvals under the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Law, according to a news article published by the Philippine News Agency (PNA).

To put things in perspective, posted below is an excerpt from the PNA news article. Some parts in boldface…

More than 900 projects with total investments of PHP1.02 trillion have so far been approved under the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act as of end-October last year, the Department of Finance (DOF) said on Thursday.

In a Facebook post, the DOF said a total of 910 projects varying across priority sectors listed in the Strategic Investment Priority Plan (SIPP) have been approved under the CREATE law.

“This monumental achievement is a testament to the continuous efforts of the PBBM administration to promote the Philippines as a sound investment destination,” the department said.

Of the 910 projects, 49 big-ticket tax incentive applications with a combined investment capital of PHP817 billion were approved by the Fiscal Incentives Review Board.

The remaining 861 projects with a total investment capital of PHP203 billion were from Investment Promotion Agencies.

“These projects are expected to accumulate a committed employment count of around 99,400 jobs within its incentivized period, with the labor-intensive manufacturing sector having the highest number of approved projects among the priority sectors,” the DOF added.

“This underscores the employability of the country’s workforce in high-quality jobs that will contribute to long-term economic growth.”

CREATE establishes a performance-based, time-bound, targeted, and transparent tax incentives regime in the country.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think that more big-time investment-related projects will continue to come in via the CREATE Law?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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BIR imposes 1% withholding tax on online merchants with annual earnings of over P500,000

January 3, 2024December 30, 2023carlocarrasco

Those who engage with selling online here in the Philippines and earn over P500,000 annually will have a new normal to live with as the Bureau of Internal Revenue (BIR) officially imposed the 1% withholding tax on online merchants that are found qualified, according to a Philippine News Agency (PNA) news article. Take note that BIR had been targeting online sellers previously and the Department of Finance (DOF) asserted that online sellers should be subject to the same tax obligations as traditional brick-and-mortar business owners for the sake of fairness.

In the year 2022, the digital economy of the Philippines contributed P2.08 trillion, equivalent to 9.4% of gross domestic product. Of this, e-commerce had the highest growth at 26.5%, with its share to the economy reaching 20% or P416.12 billion.

To put things in perspective, posted below is an excerpt from the PNA news article. Some parts in boldface…

The Bureau of Internal Revenue (BIR) has announced that online merchants with earnings amounting to more than PHP500,000 annually are now subject to a 1-percent withholding tax.

BIR Revenue Regulation 16-2023, issued last December 21, said the withholding tax will apply to one-half of the gross remittances by electronic marketplace operators and digital financial services providers to the sellers or merchants for the goods or services sold through their platform.

The BIR defines an electronic marketplace as a “digital service platform whose business is to connect online buyers/consumers with online sellers/merchants, facilitate and conclude the sales, process the payment of the products, goods or services through such digital platform, or facilitate the shipment of goods or provide logistic services and post-purchase support within such platforms.”

These include marketplaces for online shopping, food delivery platform, and platform for accommodation booking.

The BIR clarified, however, that the withholding tax will not be imposed if the annual total gross remittances to an online seller do not exceed PHP500,000.

The withholding tax shall not apply “if the cumulative gross remittances to an online seller/merchant in a taxable year has not yet exceeded PHP500,000,” the BIR said.

Sellers subject to a lower income tax rate pursuant to any existing law are also excluded.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think the BIR made the right move? Do you think the imposition of the 1% withholding tax on online sellers (that made over P500,000 annually) will have a significant impact on e-commerce here in the Philippines? If you were planning to sell goods or services online, does the 1% withholding tax discourage you?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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Thank you for reading. If you find this article engaging, please click the like button below, share this article to others and also please consider making a donation to support my publishing. If you are looking for a copywriter to create content for your special project or business, check out my services and my portfolio. Feel free to contact me with a private message. Also please feel free to visit my Facebook page Author Carlo Carrasco and follow me on Twitter at @HavenorFantasy as well as on Tumblr at https://carlocarrasco.tumblr.com/and on Instagram athttps://www.instagram.com/authorcarlocarrasco

America-Philippines nuclear deal opens opportunities for investments and energy

November 22, 2023November 20, 2023carlocarrasco

Recently a landmark deal about nuclear power for peaceful purposes was signed between the United States of America and the Philippines which opens up opportunities for investments and energy that the Filipino people can benefit from, according to separate news stories (click here and here) published by the Philippine News Agency (PNA).

To put things into perspective, posted below is an excerpt from the PNA story pertaining to investments. Some parts in boldface…

President Ferdinand R. Marcos Jr. on Friday (Manila time) expressed elation over the signing of the much-awaited “123 Agreement” on nuclear cooperation between the governments of the Philippines and the United States.

This was after Energy Secretary Raphael Lotilla and US Secretary of State Antony Blinken signed the nuclear cooperation agreement that will facilitate the collaboration between the two countries on technical exchanges, scientific research, and initiatives to ensure the safe operation of nuclear power installations.

The agreement was signed on the sidelines of Marcos’ participation in the Asia-Pacific Economic Cooperation (APEC) Summit in San Francisco, California.

“I am most pleased to be here today to join you this afternoon to witness another milestone towards a more energy-secure and green Philippines,” Marcos said, noting that the move was in line with his plans to ensure an “affordable, reliable, and sustainable energy supply” for the Philippines.

Marcos expressed optimism that the signing of the nuclear deal would encourage more foreign investors to pursue nuclear power projects in the Philippines.

The nuclear power cooperation, he said, would enable the country to meet its growing energy demands and provide a “more investor- and consumer-friendly environment.”

“The signing of the Philippines – United States Agreement for Cooperation Concerning Peaceful Uses of Nuclear Energy or the 123 Agreement is the first major step in this major regard, taking our cooperation on capacity-building further and actually opening the doors for US companies to invest and participate in nuclear power projects in the country,” Marcos said.

The 123 Agreement will establish a legal framework that allows the export of nuclear fuel, reactors, equipment, and special nuclear material from the US to the Philippines.

The agreement will allow the Philippines to use US nuclear technology, not for war, but for energy security and climate goals.

The President noted that apart from the 123 nuclear deal, Meralco and Ultra Safe Nuclear Corp. also signed a cooperation agreement to undertake a Pre-Feasibility Study on Micro-Modular Reactors (MMRs) to explore clean and sustainable energy options in the country.

Under the agreement, a feasibility study will be conducted for the potential deployment of MMRs to Meralco sites to enforce the sustainable energy agenda and provide affordable and dependable access to power, particularly to the underserved and off-grid areas for economic empowerment.

“I know our companies are eager to advance discussions on potential projects. Just yesterday, the MOU (memorandum of understanding) between Meralco and Ultra Safe Nuclear Cooperation was also presented to me. So, I believe congratulations are in order for the work of our respective negotiating teams, especially to the team from the United States,” Marcos said.

“I look forward to seeing this agreement in action in the years to come. Nuclear energy is one area where we can show that the Philippines-US alliance and partnership truly works, for our peoples, our economies, and the environment.”

For the PNA story pertaining to energy and modular reactors, below is the excerpt. Some parts in boldface…

The historic nuclear cooperation deal between the United States and Philippines would allow the Philippines to secure US-developed nuclear technologies, including small modular reactors.

Manila and Washington D.C. signed the civil nuclear cooperation deal, commonly known as a 123 Agreement, at the Asia-Pacific Economic Cooperation (APEC) Summit in San Francisco on Nov. 16 (US time).

The agreement will facilitate and enhance cooperation on clean energy security and strengthen the two nations’ alliance, the US State Department said.

“With access to US material and equipment, the US and the Philippines will be able to work together to deploy advanced new technologies, including small modular reactors, to support climate goals as well as critical energy security and baseload power needs within the Philippines,” it said.

The signing marks the successful culmination of the negotiation process launched by Vice President Kamala Harris during her trip to the Philippines in November 2022.

The deal, the State Department said, also spells out limitations on enriching, reprocessing, and transferring specific items without the other party’s consent.

“This agreement lays out a comprehensive framework for peaceful nuclear cooperation between the Philippines and United States based on a mutual commitment to nuclear nonproliferation and is required by US law to allow for the transfer of nuclear equipment and material for peaceful uses,” it said.

The name 123 Agreement is derived from Section 123 of the US Atomic Energy Act, which requires the US to have an agreement with a country before it can conduct nuclear export.

Section 123 establishes nine nonproliferation criteria that 123 Agreements must include and signatories must uphold.

Last May, US nuclear energy firm NuScale Power Corporation has expressed interest to invest in the Philippines and bared its plan to conduct a study to locate a site in the country.

Oregon-based NuScale is known for developing a small nuclear power system, described as safe, modular and scalable.

Let me end this piece by asking you readers: What do you think about these recent developments? Can you imagine what a nuclear-powered Philippines would be like in the years to come? Are there still people in your local community who are afraid of anything related to nuclear power? Do you admire the efforts of the Marcos administration when it comes to modernizing the Philippines with nuclear technology and power?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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