Philippines’ Marcos signs law to revitalise country’s defence industry
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Philippine President Ferdinand Marcos Jr signed into law on Oct 8 a Bill that aims to develop the country's defence industry.
PHOTO: REUTERS
MANILA - Philippine President Ferdinand Marcos Jr signed into law on Oct 8 a Bill that aims to develop the country’s defence industry to reduce its reliance on imported sources and create equipment tailored to its security challenges.
“It’s a logical move forward for a country that finds itself at the fulcrum of geopolitical shifts and volatilities.
“At its core, this act is about cultivating a robust and sustainable national defence industry,” he said after signing the Bill.
To promote and encourage investments in the country’s defence technology and production, the new self-reliant defence law will offer fiscal incentives ranging from tax breaks to government-backed financing, he said.
“We will prioritise R&D to develop systems that meet our unique requirements to stay ahead of evolving threats, particularly asymmetrical threats that traditional systems may not be completely equipped to address,” Mr Marcos added.
The new law, Mr Marcos said, will prioritise the production of critical defence material in the country, from small arms and tactical vehicles to more sophisticated systems.
“It establishes a structured approach to defensive development, starting with research and production capabilities that align our defence sector with our strategic objectives,” he said.
The law is expected to complement government efforts to modernise its military as it would help ensure the Philippines can manufacture, maintain and upgrade military equipment.
The country has a relatively small defence industry capable of producing small arms and ammunition but it has yet to achieve large-scale production of advanced military systems such as fighter jets.
It is embarking on the latest phase of a multibillion-dollar effort to modernise its military at a time of rising tension in the South China Sea.
It has allocated US$35 billion (S$45.6 billion) for the build-up, spread over the next decade, as it has faced off with China in sea and air confrontations over contested areas of the busy waterway. REUTERS
