Duterte admin signs its most expensive military project yet

From Update.Ph (Oct 30): Duterte admin signs its most expensive military project yet

The Duterte administration has signed the contract for two brand new Frigates for the Philippine Navy. It is dubbed as single most expensive project yet signed by the current administration. National Defense Secretary Delfin Lorenzana, graced on October 24, 2016 the ceremonial contract signing of the Frigate Acquisition Project, as the principal signatory of the contract together with officials and delegates from Hyundai Heavy Industries (HHI) of South Korea.

The Navy said the project involves the construction and delivery of two unit of Frigate to the Philippine Navy. The contract signing signals the start of the construction and is the culmination of the years of procurement process for the project.

The Notice of Award was approved, issued and was duly conformed by HHI on Sept. 13, 2016 with the amount of Three Hundred Thirty Six Million Nine Hundred Twelve Thousand US Dollars(USD 336,912,000.00) or Fifteen Billion Seven Hundred Forty Four Million Five Hundred Seventy One and Five Hundred Eighty Four Pesos (Php 15,744,571,584.00).

“The acquisition of the two brand new and modern Frigates serves as a “Big Step” in realizing a once a dream of a world class and well equipped Philippine Navy, capable and credible in protecting its people, and the sovereignty of the land and the interest of its national territory,” the Philippine Navy said.

http://www.update.ph/2016/10/duterte-admin-signs-its-most-expensive-military-project-yet/10613