Funds for transfer of Korean corvette to PHL Navy released

The Department of Budget and Management (DBM) today, June 7 approved a Special Allotment Release Order (SARO) worth PHP250 million to cover expenses for the transfer of decommissioned Republic of Korea Navy (ROKN) Pohang-class corvette to the Philippine Navy.

“Release of funds to cover the transfer of Pohang Class Corvette (PCC-762) to the Philippine Navy from the Ministry of National Defense of the Republic of Korea (MND-ROK) under the Revised AFP Modernization Program,” the DBM said as the purpose of SARO.

PCC-762 is the former ROKS Chungju decommissioned in December 2016.

The corvette will be transferred as donation, however, budget is needed for some refurbishments and expenses that will be incurred during the process of transfer.

The Philippine Navy, during its 120th founding anniversary celebration on May 22, revealed that the South Korean corvette will be delivered within this year.