Philippines seeks missiles, 40 fighter jets to upgrade military (NYSE:LMT)

The Philippines is looking to modernize its military with missiles and 40 fighter jets in its latest spending plan amid rising geopolitical tensions in its region, according to several news reports. The country wants to spend at least $33 billion to modernize its military. Defenses.

Prospective bidders are being asked to include a funding package that will allow the country to distribute the payments, Philippine Defense Secretary Gilberto Eduardo C. Teodoro Jr. said at a budget hearing in the House of Representatives on Thursday.

The Philippines and the United States are preparing for what could be their largest joint military exercise next year, U.S. Indo-Pacific Commander Samuel Paparo said at a news conference with Gen. Romeo Brawner Jr., commander of the Armed Forces of the Philippines.

Last month, Brawner said his country’s forces would defend themselves “with the same level of force” if they came under renewed attack by Chinese coast guard forces in the disputed South China Sea. Chinese personnel armed with machetes and spears injured Philippine navy personnel and damaged two of their boats in June, the Associated Press reported.