The Philippine government, through the Department of Budget and Management, has approved the release of funding for the purchase of two additional corvettes for the Philippine Navy.
The initial funding release of PHP3.75 billion (US$74.5 million) earlier this month covers the 15 per cent advanced payment required under the conditions of acquiring vessels from international suppliers.
No details have yet been disclosed on which foreign entity will supply the corvettes. However, Philippine Defense Secretary Delfin Lorenzana said the government is aiming to have a contract to be formally signed before the end of the year.
