RP modernization to spur industry

RP modernization to spur industry

MANILA (AFP): The modernization of the Philippine military will help spur the build up of local industries through countertrade, co-production and other arrangements, President Fidel Ramos said yesterday.

Speaking at the anniversary of the defense department, Ramos said the modernization program would result in creating "a cluster of strategic tools for building up our industries and infrastructure."

Under a military modernization bill passed last year, the military must make use of countertrade, local manufacturing, co- production and "other innovative arrangements" as part of the acquisition of new equipment.

The Philippine military is one of the most primitive in the region and the government is seeking some 50 billion pesos (US$1.9 billion) over the next 15 years to modernize it. However, the bills allocating the funds for modernization are still pending in Congress.