NextGen Day

Cebuano English Filipino

Alfredo Pascual, secretary of the Department of Trade and Industry (DTI), has urged European companies to look into investment prospects in the nation’s military industry.

While the government continues to carry out its modernization program, Pascual said the country provides enormous prospects in the military industry during a luncheon meeting with the European Chamber of Commerce of the Philippines (ECCP) on Thursday at the Dusit Thani Hotel in Makati City.

“In order to have more possibilities, we invite the EU to take part in this program. In his keynote address, he stated, “We would love it if the EU could invest in some, if not all, of the industrial processes and machinery in the Philippines.

The establishment of facilities for the production of defense equipment in this area, continued Pascual, will guarantee the government of reducing procurement and maintenance expenses to a “more fair level.”

The United States, Israel, South Korea, Turkey, as well as European nations including France, Germany, Italy, Spain, and Sweden, are major providers of the nation’s defense hardware.

On the sidelines of the event, Pascual told reporters, “We need to diversify supply as well. “We aim to grow this area’s manufacturing capacity.”

He claimed that while there is “no formal position on the part of the government” for a coordinated effort to expand the military sector in this country just yet, the private sector does have the chance to investigate this field thanks to the administration’s budget allocation for defense.

The Congress boosted the budget for the Modernization Program of the Armed Forces of the Philippines (AFP) to PHP45 billion for 2023.

The third milestone of the modernisation program, Horizon 3, which the AFP is currently undertaking, will be carried through until the end of the Marcos administration in 2028.

This has created chances for defense manufacturers to give the AFP equipment as the new administration outlines its new priorities.

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Cebuano English Filipino