(Bloomberg) — The Philippines has approved the purchase of 40 fast patrol craft worth 25.8 billion pesos ($441 million), seeking to bolster maritime security as tensions with Beijing in the South China Sea linger.
Most Read from Bloomberg
The National Economic and Development Authority Board, chaired by President Ferdinand Marcos Jr., greenlit the purchase, which will be funded by assistance from the French government, the economic planning agency said in a statement Tuesday.
“The project aligns with the government’s objective of enhancing maritime security by upgrading the capabilities of institutions such as the Philippine Coast Guard,” NEDA Secretary Arsenio Balisacan said.
The Philippine Coast Guard has sustained damage to its vessels in the past months due to tense clashes with China in disputed waters. The Marcos administration has stepped up efforts to assert the nation’s claims in the South China Sea, which Beijing claims almost in its entirety.
The typhoon-prone nation also approved extensions and cost increases for two flood-control projects, which will get supplemental loan from the Japan International Cooperation Agency, the NEDA said.
The NEDA Board also approved the 27-billion peso Philippine International Exhibition Center project, which aims to boost tourism through meetings and conventions.
Most Read from Bloomberg Businessweek
©2024 Bloomberg L.P.
Leave a Comment