Department of National Defense (DND) undersecretary – for Finance, Munitions, Installations and Materiel – Raymundo Elefante, said a contract worth P15.7 billion with South Korean company was signed on Monday by Defense Secretary Delfin Lorenzana.
Since Hyundai Heavy Industries (HHI) of the Republic of South Korea has been declared a winning shipbuilder by Philippine Nay (PN), it was disclosed in contract that it will build two brand new frigates amounting P15.7 billion.
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