Philippines to Boost Defense Spending in South China Sea Dispute
The Philippines are planning to increase defense spending to protect their interests in the disputed South China Sea amid tensions with Beijing. Defense Minister Gilberto Teodoro is calling for the budget to be raised to over 1% of the GDP, excluding military pensions.
Modernization Efforts Underway
The country is actively modernizing its defense capabilities in response to ongoing conflicts in the disputed waters. The defense budget is set to reach 278.1 billion pesos (around $4.8 billion) by 2024.
Private Sector Support
Teodoro is urging the private sector to help raise additional funds for Philippine defense initiatives. He suggests structuring the sale of debt instruments to targeted investors, including those interested in the country’s credit rating upgrades and defense industry firms.
He believes there are «many creative ways» to raise funds to support defense efforts in the South China Sea.
