Yi Whan-woo is a Korea Times journalist primarily covering finance. He writes in-depth articles on macroeconomy and financial markets and previously covered sports, politics, diplomacy and inter-Korean affairs, among others. Feel free to contact him at yistory@koreatimes.co.kr.
Korea Eximbank partners with KHNP, Meralco on Philippine nuclear energy projects
Export-Import Bank of Korea (Korea Eximbank) Chairman and CEO Hwang Ki-yeon, fifth from left, Korea Hydro & Nuclear Power acting President and CEO Chun Dae-wook, fourth from left, and Meralco Chairman and CEO Manuel Pangilinan, third from left, hold copies of a memorandum of understanding alongside other dignitaries during a signing ceremony in Manila, Philippines, Wednesday. Courtesy of Korea Eximbank
By Yi Whan-woo
MOU signed on occasion of Korean president’s state visit to Manila
The Export-Import Bank of Korea (Korea Eximbank) said Wednesday that it has partnered with energy companies from both Korea and the Philippines on the latter's nuclear energy projects.
The state-run bank said a three-way memorandum of understanding (MOU) was signed with Korea Hydro & Nuclear Power (KHNP) and Meralco in Manila, Philippines, opening the door for Korea Eximbank to back parties financially.
The MOU was signed during President Lee Jae Myung’s state visit to the Philippines from Tuesday to Wednesday.
The visit included businesses from both countries, including KHNP and Meralco. KHNP provides more than 30 percent of Korea’s electricity and Meralco supplies more than 50 percent in the Philippines.
The signing ceremony was attended by Minister of Trade, Industry and Resources Kim Jung-kwan, Secretary of the Philippines Department of Trade and Industry Cristina Roque, Korea Eximbank Chairman and CEO Hwang Ki-yeon, KHNP acting President and CEO Chun Dae-wook and Meralco Chairman and CEO Manuel Pangilinan.
“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,” Korea Eximbank said in a statement.
It noted that Meralco, the Philippines’ largest private energy company, is regarded as "a key partner with unmatched influence over power infrastructure projects across the country."
In separate remarks, Hwang described the MOU as “an important starting point for expanding Korea Eximbank’s financial expertise into the Philippines’ nuclear sector.”
Pangilinan said that the proven technological expertise of Korean companies, combined with financial support from Korea Eximbank, “represents a significant step forward in strengthening the Philippines’ energy security and driving economic growth.”
Korea Eximbank will be responsible for the review of financial support for Meralco’s nuclear projects, the provision of customized financial packages for Korean companies and the creation of a nuclear ecosystem combining KHNP’s technical expertise with Meralco’s partnership network.
The state-run lender has previously provided project financing for key power plants in the Philippines, including the Ilijan and Cebu projects, establishing strong trust in the market.