MANILA, Philippines - The Philippine Navy needs almost P500 billion to buy ships to effectively secure the country's vast territorial waters, a Navy official said Thursday.
The amount will go to the purchase of frigates, corvettes, patrol vessels, landing craft, submarines, and other vessels and equipment, according to Lt. Commander Nerelito Martinez, Philippine Fleet acting chief of staff for plans and programs.
He said the need for such vessels and new equipment was thoroughly assessed during the Navy's strategic planning workshop last year.
"Current market research and assessment will give us a figure of about P497 billion for the acquisition of all the listed equipment. It may be costly at our current standards but is not unrealistic," Martinez said.
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