Meralco, France energy giant to explore nuclear power dev’t in PH;

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00:00The largest private electric distribution utility company in the country has signed into a strategic cooperation agreement with the French multinational electric utility company.

00:13This and more in tonight's Business Wrap from the Philippine News Agency.

00:17Shifting to business headlines, the Manila Electric Company or Meralco has entered into a strategic cooperation agreement with France's state-owned Electricity de France or EDF to assess the development of nuclear power in the Philippines.

00:39The project aims to enhance the long-term energy security and support the transition to sustainable energy sources of the country.

00:49Meralco Cheren Chief Executive Officer Manuel V. Panglinan says the agreement marks the beginning of the company's leadership in the exploration of the nuclear energy sector.

00:58He also stressed that nuclear power is a key component of the Philippine government's energy goals in achieving greater energy security.

01:06Under the two-year memorandum of agreement, EDF will provide Meralco with technical support, conduct feasibility studies, and offer strategic guidance, along with tailored training on nuclear reactor technologies and project management.

01:21Meanwhile, France has expressed strong interest in taking over as the main financier after the delay in the loan agreement with China for the Philippine National Railway's South Long Haul project.

01:32During the meeting on April 11, between Department of Transportation Secretary Vince Dizon and Minister Delegate for Foreign Trade and French Nationals Abroad Laurent Saint-Martin,

01:43the French government has offered support for the 561.1-kilometer railway project linking Muntinlupa City to Matnog Solsogon.

01:52Saint-Martin says the French Development Agency have successfully secured funding in coordination with financing guarantees and treasury loans.

02:01He also suggested introducing the Philippine government to other possible sources of funding like the European Investment Bank.

02:09Meanwhile, other countries have also shown interest, including Japan, South Korea, and India, along with international lenders, such as the Asian Development Bank and the World Bank.

02:20That's the latest in business on this Holy Monday from the Philippine News Agency.

02:25I'm Ben Shbondok for Balitang Pambansa.

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