ICYMI: It’s official: South Korea’s Hyundai Heavy Industries has secured a contract to build two corvettes for the Philippine Navy for P25 billion.
The acquisition would be financed by a government-to-government loan agreement, Defense Secretary Delfin Lorenzana said in earlier statements.
But the frigate acquisition project attracted public interest in 2018 after a conflict in the selection of the combat management systems , considered as the “brain” of the warships. The corvette acquisition project, which is estimated to cost P28 billion including weapon systems, is one of the big-ticket items in the Philippine Navy’s upgrade program. Plans to acquire the corvettes had been stalled last year because of the diversion of defense funds to pandemic response.
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