14 November 2023
This is higher than FY2023 defense budget at Php204.56 billion, as well as theFY2024 proposed budget of Php229.93 and FY2024 House proposal of Php232.2 billion (photo : Clickbait)
In a security sector forum on 10 Nov 2023, House Speaker Rep. Martin Romualdez said the Philippines' defense budget for 2024 has been increased to Php282.7 billion (~US$5.04 billion). That's a 38% increase from FY2023 defense budget.
The increase would likely be used for AFP Modernization which only have a Php50 billion budget in original proposal.
So far the AFP Modernization Program has a backlog of almost Php300 billion, and is already delayed in implementing Horizon 3 phase which means its backlog has risen to almost Php400 billion already.
(Da-Real)