On October 8, Philippine President Ferdinand Marcos Jr. signed into law a new law aimed at developing the defense industry called the Restoration of the Self-Reliant Defense Posture Act (SRDP).
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| Philippine President Ferdinand Marcos Jr. signs the SRDP Act on October 8. (Source: PCO) |
Reuters news agency quoted President Marcos as saying after signing the law: "This is a logical move for a country that is at the center of geopolitical changes and fluctuations. In essence, this law is about building a strong and sustainable defense industry."
To promote and encourage investment in Philippine defense technology and manufacturing, the new self-reliant defense law will provide financial incentives ranging from tax breaks to government-backed grants, he said.
The Philippines will prioritize research and development (R&D) to build systems that meet the country’s unique requirements to stay ahead of evolving threats, especially asymmetric threats that traditional systems may not be fully equipped to handle.
The new law will also prioritize domestic production of key defense materials, from small arms and tactical vehicles to more sophisticated systems.
“The new law establishes a structured approach to defense development, starting with research and production capabilities that help align the defense industry with our strategic goals,” the leader said.
The law is expected to bolster the government's efforts to modernize its military, as it will help ensure the Philippines can produce, maintain and upgrade military equipment.
The Southeast Asian nation has a relatively small defense industry capable of producing small arms and ammunition, but has yet to achieve large-scale production of advanced military systems such as fighter jets.
Source: https://baoquocte.vn/muon-tu-luc-canh-sinh-trong-cong-nghiep-quoc-phong-philippines-tung-luat-moi-289254.html
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