(Bloomberg) — The Philippines has approved the purchase of 40 fast patrol vessels worth 25.8 billion pesos ($441 million), in a bid to strengthen maritime security as tensions with Beijing persist in the South China Sea.
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The Council of the National Economic and Development Authority, chaired by President Ferdinand Marcos Jr., has given the green light to the purchase, which will be financed with help from the French government, the economic planning agency said in a statement on Tuesday.
“The project is in line with the government’s objective of improving maritime security by enhancing the capabilities of institutions such as the Philippine Coast Guard,” NEDA Secretary Arsenio Balisacan said.
The Philippine Coast Guard has suffered damage to its ships in recent months due to tense clashes with China in disputed waters. The Marcos administration has stepped up efforts to assert the country’s claims to the South China Sea, which Beijing claims almost in its entirety.
The typhoon-ravaged country has also approved expansions and cost increases for two flood control projects, which will receive an additional loan from the Japan International Cooperation Agency, NEDA said.
The NEDA board also approved the P27-billion-peso Philippine International Exhibition Center project, which aims to boost tourism through meetings and conventions.
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