South Korea offers financing for PHL Navy’s 2 brand new corvettes

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The South Korean government is offering to finance the Corvette Acquisition Project of the Philippine Navy under the current Armed Forces of the Philippine (AFP) Modernization Program Second Horizon, National Defense Secretary Delfin Lorenzana said.

Under AFP Modernization Second Horizon, the Philippine Navy is programmed to acquire 2 brand new corvettes.

“Its government to government because we’re having difficulty producing the amount. The two corvettes cost P30 billion,” Secretary Lorenzana said as quoted by GMA News Online. “And the Korean government is willing to finance it and we’ll pay it through the years, maybe five to 10 years. So its a very enticing proposal because we don’t have outright money.”

The defense chief said he likes the corvette acquisition project to be done as soon as possible.

“We’re just finalizing the paperworks and how we’re going to do it,” he explained. “The corvette is not yet signed with Hyundai but that is what the Navy wants so the builder of the frigates and the corvettes is going to be one only, so that the systems, parts are similar, there will be inter-operability and so that if they, its easy to repair them.”