How PSEi member stocks performed — June 24, 2025
Here’s a quick glance at how PSEi stocks fared on Tuesday, June 24, 2025.
Shares up as Mideast ceasefire boosts sentiment
PHILIPPINE SHARES climbed on Tuesday following news that Iran and Israel agreed to a ceasefire after exchanging attacks for nearly two weeks.
The benchmark Philippine Stock Exchange index (PSEi) rose by 1.19% or 74.47 points to close at 6,292.75, while the all shares index climbed by 0.88% or 32.64 points to 3,739.20. The PSEi returned to the 6,300 level intraday, hitting a high of 6,331.02 as the ceasefire boosted market sentiment.
“The local market bounced back, driven by hopes of peace between Israel and Iran. This comes following US President Donald J. Trump’s announcement of a ceasefire between the two countries,” Philstocks Financial Inc. Research Manager Japhet Louis O. Tantiangco said in a Viber message. “As an effect, global oil prices declined, which investors also cheered.”
Global stock markets surged and oil prices tumbled on Tuesday after the announcement of the ceasefire, in the hope it heralded a resolution of the war just two days after the United States joined it by hitting Iranian nuclear sites with huge bunker-busting bombs, Reuters reported.
However, Israeli Defense Minister Israel Katz said on Tuesday he had ordered the military to strike Tehran in response to what he said were missiles fired by Iran in a violation of the ceasefire announced hours earlier by Mr. Trump.
Iran denied violating the ceasefire. The armed forces general staff denied that there had been any launch of missiles towards Israel in recent hours, Iran’s Nour News reported.
The developments raised early doubts about the ceasefire, intended to end 12 days of war.
“Philippine shares and Wall Street traded higher, shrugging off Iran’s failed strike on a US base in Qatar,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.
“Markets now await Federal Reserve Chair Jerome H. Powell’s testimony before Congress, where he faces pressure to cut rates, with some officials signaling possible easing by July,” he added.
Last week, the Federal Open Market Committee left its overnight target rate range at 4.25% and 4.5%.
Almost all sectoral indices closed higher on Tuesday. Financials climbed by 2.59% or 58.86 points to 2,323.94; industrials went up by 1.41% or 126.27 points to 9,066.70; services rose by 0.72% or 15.66 points to 2,171.42; holding firms added 0.61% or 32.60 points to end at 5,358.56; and property increased by 0.22% or 4.94 points to 2,208.23.
Meanwhile, mining and oil dropped by 2.04% or 203.32 points to close the session at 9,748.75.
Value turnover went down to P5.81 billion on Tuesday with 1.13 billion shares exchanged from the P6.29 billion with 1.03 billion issues traded on Monday.
Advancers outnumbered decliners, 122 versus 73, while 54 names were unchanged.
Net foreign selling stood at P286.36 million on Tuesday, a turnaround from the P108.27 million in net buying recorded on Monday. — Revin Mikhael D. Ochave with Reuters
Peso rebounds on Israel-Iran ceasefire
THE PESO rebounded against the greenback on Tuesday after Iran and Israel agreed to a ceasefire after exchanging attacks for 12 days.
The local unit closed at P57.16 per dollar, surging by 42 centavos from its P57.58 finish on Monday, Bankers Association of the Philippines data showed.
The peso opened Tuesday’s session stronger at P57.20 against the dollar. Its intraday best was at P56.835, while its worst showing was at P57.21 versus the greenback.
Dollars exchanged jumped to $2.01 billion on Tuesday from $1.28 billion on Monday.
“The peso moved in line with regional peers as the dollar weakened following the ceasefire announcement. Interestingly, today’s close returned near Thursday’s level, suggesting that the gap seen last Friday was simply filled,” a trader said in a text message.
The local unit closed at P57.45 on June 19 (Thursday) and at P57.17 on June 20 (Friday). The peso fell sharply on Monday to hit a fresh three-month low due to fears of an escalation in the conflict after the United States attacked Iran’s nuclear facilities over the weekend.
The peso was also supported by the decline in global crude oil prices amid the ceasefire, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.
“The US dollar-peso exchange rate corrected lower… as market sentiment globally improved after [US President Donald J.] Trump announced a tentative ceasefire between Iran and Israel, spurring optimism that the worst of the Middle East conflict is over,” he added.
For Wednesday, the trader expects the peso to move between P56.75 and P57.25 per dollar, while Mr. Ricafort said it could range from P57 to P57.30.
The US dollar fell on Tuesday after Mr. Trump announced a ceasefire between Israel and Iran, in news that sparked a risk rally and a sharp drop in oil prices, Reuters reported.
Mr. Trump announced a complete ceasefire between Israel and Iran, potentially ending the 12-day conflict that led millions of people to flee Tehran and prompted fears of further escalation in the war-torn region.
Israel has agreed to Mr. Trump’s proposal, saying it has achieved its goal of removing Tehran’s nuclear and ballistic missile threat.
The yen and euro benefited from a sharp fall in oil prices as both the European Union and Japan rely heavily on imports of oil and liquefied natural gas, while the US is a net exporter.
Against the yen, the dollar was down 0.75% at 145.03.
The euro rose 0.27% to $1.1609. It hit $1.1632 a couple of weeks ago, its highest level since October 2021.
Adding to the pressure on the dollar were dovish comments from Federal Reserve policymaker Michelle Bowman, who said the US central bank should consider interest rate cuts soon, triggering a fall in US Treasury yields.
Fed Governor Christopher Waller said in a television interview last week that he would consider a rate cut at next month’s meeting as well.
Mohit Kumar, economist at Jefferies, said he expected the Fed to take more time before easing.
“We are not in the July camp, but do believe that data should show signs of weakness over the summer months and hence prompt a rate cut in September.”
Mr. Trump said on Tuesday that US rates should be lowered by at least two to three percentage points.
Markets are now pricing in close to a 23% chance the Fed could ease rates in July, up from 14.5% a day ago, according to the CME FedWatch tool.
Against a basket of currencies, the dollar was down 0.14% at 98.09, extending its more than 0.5% decline in the previous session.
Fed Chair Jerome H. Powell is due to testify before the US Congress on Tuesday and Wednesday, where focus will be on the outlook for US rates.
The risk-sensitive Australian dollar got a lift and last traded 0.7% higher at $0.6506 as did the New Zealand currency, which rose 0.75% to $0.6025.
Israel’s shekel rallied sharply too, jumping 1.5% against the dollar to its strongest level since February 2023.
“It’s obviously positive news for risk sentiment,” said Rodrigo Catril, senior currency strategist at National Australia Bank, of the announced ceasefire.
“We need to obviously have a bit more detail in terms of exactly what all this means… I suppose it will be the conditions of the ceasefire, and what are the conditions for a longer-lasting peace deal.”
In cryptocurrencies, bitcoin rose 2% to $105,832, while ether jumped 3.2% to $2,425, in a reflection of the positive risk sentiment. — Aaron Michael C. Sy with Reuters
Users who missed 4G migration the ‘real opportunity’ for telcos
By Ashley Erika O. Jose, Reporter
THE telecommunications industry must seize the opportunity presented by the Konektadong Pinoy legislation to address users who missed the initial wave of migration to 4G mobile technology, US cloud and mobile technology company CloudMosa said.
“Telcos are racing to the future with 5G, but growth won’t come from the top alone. The real opportunity lies in those who were left behind in the migration to 4G and beyond. This is a call to action for industry leaders: those who move first to bridge the affordability gap will shape the next decade of the industry,” CloudMosa Chief Executive Officer Shioupyn Shen said in a report on Tuesday.
According to a study conducted by CloudMosa, Konektadong Pinoy will help expedite the phase-out of 2G and 3G, thereby providing a boost to affordable connectivity.
“While the rest of the world is rushing towards 5G, these users (those left behind in the 4G upgrade) present the region’s most overlooked commercial opportunity and telcos are uniquely positioned to move them up the value chain to ultimately close this gap. Doing so will unlock revenue, drive education, employment, economic mobility, and social inclusion,” according to the report.
The Konektadong Pinoy bill is now awaiting the signature of President Ferdinand R. Marcos, Jr., after the two chambers separately ratified the priority measure through voice vote in their respective plenary sessions.
Last week, the Palace said Mr. Marcos will be reviewing the bill in the wake of rising concerns by telecommunications companies. The Department of Information and Communications Technology has expressed optimism that the bill will be signed into law.
A joint statement on Tuesday by several business and industry groups, foreign chambers, public service organizations, tech organizations, and civil society and consumer groups urged Mr. Marcos to sign the bill into law.
The group, which composed of American Chamber of Commerce of the Philippines, Inc.; Canadian Chamber of Commerce of the Philippines, Inc.; Analytics & AI Association of the Philippines; Alliance of Tech Innovators for the Nation; Chief Information Officers Forum, Inc.; Better Internet PH and other industry leaders, described the measure as “landmark legislation that will democratize internet access, which could potentially be this Administration’s greatest legacy.”
The bill aims to increase internet access by relaxing regulations and allowing the entry of more data transmission entrants.
Konektadong Pinoy also raises the prospect of more optimal use of the radio frequency spectrum and the reallocation of underutilized and unutilized spectrum.
Information and Communications Technology Secretary Henry Rhoel R. Aguda has called for expediting the deployment of 5G technology.
The Philippine Chamber of Telecommunications Operators (PCTO) has warned that certain provisions of the measure could weaken regulatory oversight and threaten national security and fair competition.
PCTO President Froilan M. Castelo, in a statement on June 12, warned that the bill raises the risk of unregulated infrastructure and possible foreign control.
The version of the bill agreed by the bicameral conference committee outlines an open-access policy to create a more competitive environment for all qualified participants across the entire data transmission network, while encouraging investment in digital infrastructure to support reliable and affordable data services.
The final version exempts international gateway facilities, cable landing stations, and satellite service providers from legislative franchise requirements. This means any company may build and operate such facilities without going through the safeguards historically used to ensure national security.
Sardine canners promise to keep prices steady
THE Department of Trade and Industry (DTI) said it received a commitment from sardine canners, who promised to hold prices steady, contrary to reports that they are seeking to charge more.
“We appreciate the industry’s commitment to the consumer, especially with the economic pressures families are facing today,” Trade Secretary Ma. Cristina A. Roque said in a statement on Tuesday.
“Their decision not to increase prices supports President Ferdinand R. Marcos, Jr.’s directive to keep basic goods affordable and ease the daily burden on consumers,” she added.
The manufacturers’ commitment follows her June 23 meeting with members of the Canned Sardines Association of the Philippines.
She said the commitment was given after news reports that the industry was planning to request an increase in the suggested retail price of a 155-gram can of sardines to P24 from P21, due to rising production costs.
Among the attendees were Chattrade, Mega Prime Foods, Inc., PERMEX, Universal Canning, Inc., and Century Pacific Food, Inc.
“They committed to maintaining the current suggested retail price for canned sardines, a staple in Filipino households,” the DTI said.
The DTI’s Fair Trade Group said that it has “not received a formal petition for a price adjustment but initiated the meeting to proactively address the issue.”
Under the Price Act, the DTI monitors prices of basic necessities and prime commodities, including canned fish. — Justine Irish D. Tabile
PHL becoming ‘attractive destination’ for HNWIs due to growth, tax reform
THE PHILIPPINES’ strong long-term growth outlook and tax reforms for foreign investment are expected to attract interest from high-net-worth individuals (HNWIs), private client immigration consultancy Henley & Partners said.
“The Philippines is emerging as an attractive destination for people that want to do business just because of the above average GDP growth. (Many other) economies cannot grow as fast as the Philippines. And given that the Philippines is still a developing country, it presents huge opportunities for people to come and start businesses and capture success that would be impossible in developed countries,” Henley & Partners Managing Director for Southeast Asia Scott Moore said at a briefing on Tuesday.
The firm’s Private Wealth Migration Report 2025 projects the Philippines to experience a net outflow of HNWIs this year, which Mr. Moore described as less severe than the situation in regional neighbors.
“I would say it’s much more worrying that Vietnam is losing 300. Indonesia is losing 250. These are at the top of the list. The Philippines, compared to its regional neighbors, is losing much less,” he said.
He added that overall growth in Philippine HNWIs in the past decade of 32% also supports the outlook for economic growth and further inflows of HNWIs.
According to the report, the Philippines has 12,800 millionaires, 70 centi-millionaires, and 12 billionaires.
“So in terms of relevance for HNWIs in any country, it just signals economic progress and general health of the economy. If a country can create new millionaires, it means that the economy is growing and there are good opportunities,” Mr. Moore said.
He said Singapore and Thailand remain the policy leaders for nurturing HNWIs.
“If we’re looking at specifically Southeast Asia, Singapore and Thailand (benefit from) government policy. Singapore has stability and attractive tax regimes for HNWIs. Thailand has ease of entry in terms of their visa options and very attractive tax incentives for foreigners, as well as of course the lifestyle,” Mr. Moore said.
He added a golden visa for investors could make the Philippines more attractive to HNWIs.
He added that a weak peso could increase the Philippines’ HNWI intake.
“The weaker currency would mean foreigners coming in. It would make (the Philippines) more attractive.”
The firm’s wealth migration report listed the United Arab Emirates (UAE) as having the highest expected net inflows of millionaires at 9,800 this year.
“Dubai has amazing infrastructure and lifestyle for wealthy individuals. It’s basically built to cater to them. The UAE also has very stable politics while they have zero income tax they have very low corporate tax. It’s extremely easy to set up a corporation there and (obtain a) golden visa… It’s probably one of the most straightforward,” Mr. Moore said.
In the region Singapore had the highest expected net inflow of millionaires, estimated at 1,600.
“The number of millionaires coming into Singapore has started to go down a bit. And this is because those wealthy individuals are now moving to the UAE,” Mr. Moore said.
Meanwhile, the UK posted the highest expected net outflow of millionaires at 16,500, which Mr. Moore said was the largest single-year outflow in over a decade.
Brexit continues to prove to be a bad bet to attract and retain HNWI, but the real genesis of this huge outflow comes from major tax changes that were confirmed in 2024. — Aaron Michael C. Sy
Grid plan expected by September
THE Department of Energy (DoE) said on Tuesday that the Smart and Green Grid Plan (SGGP), which will establish policy and mechanisms for timely transmission of project implementation and efficient system operation, is due for completion in September.
“The SGGP started in September 2023 and is scheduled for completion this year,” Energy Undersecretary Rowena Cristina L. Guevara said at the Conference on German Technologies for Renewable Energy Integration in the Philippines.
“The SGGP aims to enable the seamless integration of large-scale renewable energy (RE), including up to 50 gigawatts of offshore wind and 4.8 gigawatts of nuclear by 2050,” she added.
The SGGP is being developed by the DoE in collaboration with the US Agency for International Development Energy Security Project, the University of the Philippines, and TRANSCO.
It also seeks to enhance grid reliability and resilience and to connect more remote RE sources to key demand centers by developing new transmission corridors and subsea cables.
“Meanwhile, SGGP Phase 2 focuses on developing a transmission timeline to support large-scale RE integration, prioritizing offshore wind and other high-capacity sources,” she said.
“It aims to modernize the grid to meet the 2050 peak demand, enable over 50% RE share by 2040, and enhance energy security and affordability,” she added.
She said the government views transmission as a major challenge in the energy sector.
“We have awarded 1,400 service contracts, but these are located in places where there is no transmission. So, I would like to shift the way we do business to ‘these are the locations of the transmission capacities; this is where you should build,’” she said.
“We are in catch-up mode right now on transmission. But I hope that five years down the road, it will be the reverse,” she added.
She said the goal is for the DoE to revise its approach to future auctions by first identifying the areas to build in and determining how much capacity is needed based on the availability of transmission.
She said with the SGGP, the DoE has regained the ability to do transmission planning, which has primarily been left to the National Grid Corp. of the Philippines (NGCP).
“Now, with the SGGP that is coming out this year, that will be the main plan, and the transmission development plan will be something like the implementation plan,” she added.
She said she spoke with the State Grid Corp. of China earlier this month to help the NGCP in determining where, when, and how much battery capacity is needed in various parts of the grid.
“While we are waiting for the pumped storage hydro, which will come in 2029 or 2030 … and while all the variable renewable energy sources are being developed leading up to 2030, we are going to need batteries to help,” she said.
Meanwhile, she said that the DoE has awarded over 6,000 megawatts under the department’s Green Energy Auction (GEA) 3, which initially offered 4,650 megawatts.
“Today is the deadline for them to confirm their award. So far, I have received 2,250 megawatts. So by the end of the day, I hope that we will receive all 6,000 megawatts,” she added.
She said that the DoE is offering 10,000 megawatts under GEA-4 and 3,300 megawatts under GEA-5.
“The total is about 19,000 megawatts. So, this is a bountiful year for RE, and we are going to start having problems balancing the grid if we do not act now,” she added. — Justine Irish D. Tabile
Chamber says safety concerns hurting PHL appeal to visitors
By Justine Irish D. Tabile, Reporter
THE Federation of Filipino Chinese Chambers of Commerce and Industry, Inc. (FFCCCII) said concerns about safety are preventing the Philippines from becoming a competitive destination.
FFCCCII President Victor Lim said the Philippines underperforms its neighbors in terms of tourist arrivals, welcoming 5.95 million visitors last year. Meanwhile, Thailand welcomed 36 million and Malaysia 25 million.
“This is not a failure of appeal but of assurance — travelers do not doubt our beauty; they doubt their safety,” Mr. Lim said in a statement on Tuesday.
“The perception of instability, fueled by crime, political turbulence, and a perceived culture of impunity, has cast a shadow over our global image. If we are to compete, we must act decisively,” he added.
He said that the chamber supports Local Government Secretary Juanito Victor C. Remulla’s call “for an uncompromising, nationwide security drive, particularly in tourist hotspots.”
“As the business community, we stand ready to support DILG (Department of the Interior and Local Government) initiatives through community engagement, technological investment in surveillance, and collaboration with local businesses to ensure safer environments for visitors and citizens alike,” he added.
He also said that tourism in other Association of Southeast Asian Nations markets is thriving due to simplified entry procedures.
“There is an urgent need to streamline visa processes for East Asian tourists and investors — particularly from China, Hong Kong, South Korea, and Japan — who represent immense untapped potential,” he added.
Meanwhile, he said that the Philippines should modernize airports and transport links and make tourism services digital-ready to make the travel experience seamless.
“We commend the DILG’s efforts to coordinate with local governments and support public-private partnerships that accelerate development of gateways beyond Manila,” he added.
He also cited the need to recalibrate the Philippine branding in global media, to focus not just on natural wonders but also stability and the warmth of the people.
“The FFCCCII, representing the dynamic Filipino Chinese business community, pledges its full cooperation in this mission,” he said.
“We call upon all sectors — national agencies, local governments, law enforcement, and the tourism industry — to unite behind the DILG’s leadership in transforming the Philippines into ASEAN’s tourism leader,” he added.
German business delegation exploring tieups in RE, smart grid tech, storage
A GERMAN business delegation is in the Philippines to explore opportunities to collaborate in renewable energy (RE), smart grid technology, and storage solutions, the German business chamber said.
At the Conference on German Technologies for RE Integration in the Philippines, German-Philippine Chamber of Commerce and Industry (GPCCI) Vice-President Tristan Arwen G. Loveres said around 68 business-to-business meetings were arranged for the delegation, which is in the country until June 26.
“German companies have a valuable opportunity to contribute (to the diversification of the Philippine energy mix) through advanced technology, engineering expertise, and collaborative ventures that unlock the full potential of the Philippine energy sector,” he added.
The visiting companies include battery manufacturer BAE Batterien, solar photovoltaic project developer Blueberry Energy, engineering and consultancy firm Fichtner GmbH & Co. KG, and scalable electrolysis systems designer H2 Core Systems GmbH.
Also with the delegation are Reprocon GmbH, Skysails Power, and SMA Altenso GmbH.
“We see tremendous potential for German companies to contribute to the Philippine energy sector, particularly in renewable energy and smart grid solutions,” said GPCCI President Marie Antoniette Mariano.
“This mission reflects Germany’s commitment to building lasting partnerships in sectors with real impact,” she added.
David Klebs, Germany’s Economic Counselor to the Philippines, said Berlin wants to support the Philippines in achieving its commitments under the Paris Agreement.
In particular, he said that there are seven ongoing bilateral projects between the Philippines and Germany amounting to 53.4 million euros.
“We also opened last year the Transformative Actions for Climate and Ecological Protection and Development (TRANSCEND), which was a major project (which involved) a loan of 32.7 million euros,” he added.
He said energy is one of the key areas for reducing carbon dioxide emissions. “The Philippines is one of those countries with a lot of potential, and especially now as we are seeing a geostrategic shift, the German government is advising companies to look into diversifying their investment in Asia,” he added.
He said that another business mission from Germany will be coming to the Philippines in November to explore opportunities in the water industry. — Justine Irish D. Tabile
Rice prices continue to decline in early June
RICE PRICES declined further in early June, according to the Philippine Statistics Authority (PSA).
Regular-milled rice averaged P42.77 per kilogram (kg) at retail during the June 1-5 monitoring period, which the PSA refers to as the first phase of June.
This was lower than the P43.32 per kg posted in the second phase of May (May 15-17) and P43.64 in the first phase of that month.
The Department of Agriculture has said that its P20-per-kilo rice program, which is being expanded to now include minimum-wage earners, and other subsidized-rice offerings could influence prices of commercial rice.
Meanwhile, the PSA reported that the retail price of dressed chicken further rose to P214.49 per kg in the first phase of June, from P212.52 in the second phase of May and P210.77 in the first phase of May.
The government has been banning poultry imports from countries with reported outbreaks of bird flu.
But following a ban on poultry imports from Brazil, the Philippines’ leading meat supplier, Agriculture Secretary Francisco Tiu Laurel, Jr. said in late May that the supply of chicken is sufficient.
Mr. Laurel told BusinessWorld last week that the government is awaiting more documentation to facilitate the import of poultry from parts of Brazil certified to be free of bird flu, which he described as “regionalization.”
The PSA said the average retail price of galunggong (round scad) fell to P215.65 per kg in the first phase of June from P221.08 in the second phase of May.
The early-June reading was little changed from the P215.22 average in the first phase of May.
Also in the first phase of June, the average retail price of white potato fell to P114.64 per kg from P120.47 in the second phase of May and P123.64 in early May.
Calamansi fetched P98.60 per kg in the first phase of June, against P101.51 in the second phase of May and P100.72 in early May.
The PSA said cooking oil averaged P179.48 per liter, up from P177.83 in the second phase of May and P176.83 in the first phase. — Kyle Aristophere T. Atienza
P2 million shipment of red onions seized
THE Bureau of Plant Industry (BPI) and the Bureau of Customs recently intercepted 25 metric tons of illegally imported red onions from China at an unspecified port in Mindanao, the Department of Agriculture (DA) said.
The shipment consigned to Manila-based Lantix Consumer Goods Trading arrived on May 26 and was misdeclared as containing frozen egg noodles, croissant dough, pizza dough, buns, and spring rolls.
The value of the red onions was estimated at around P2 million.
The DA said it had not issued any sanitary and phytosanitary import permits for red onion shipments from China.
The DA said it will pursue legal action under the Anti-Agricultural Economic Sabotage Act, which toughened penalties on agricultural smuggling, including substantial fines and extended prison terms.
Agriculture Secretary Francisco Tiu Laurel, Jr., said during a recent visit to a Manila public market, where suspected illegally imported red onions were found, that the DA will partner with the Philippine National Police to expand enforcement against agricultural smuggling.
The DA, through the BPI, first determines the supply-demand balance before issuing an import order. — Kyle Aristophere T. Atienza
Manila needs multi-role fighters for deterrence capabilities — Air Force
By Kenneth Christiane L. Basilio, Reporter
THE PHILIPPINES needs multi-role fighters on top of light fighter jets to make China “think twice” before committing aggression, Manila’s top air force general said on Tuesday, with the planes being touted as a strong deterrent against foreign hostilities.
Having multi-role fighters would give the Southeast Asian nation formidable air combat capabilities, as it seeks to push back against Beijing’s expansive claims in the South China Sea, Philippine Air Force Commander Lieutenant General Arthur M. Cordura told a news briefing.
“We cannot be at par with China in 10 to 20 years from now,” he said in mixed English and Filipino. “That’s the reality here.”
“But we can project what we call credible deterrence,” he added, referring to having advanced fighter jets. “They will think twice before intruding into the country.”
The Philippines has been window-shopping for multi-role combat aircraft as part of efforts to boost its inventory of air force planes, which mainly consist of turboprops, amid tensions with China in the South China Sea.
The Defense department is “very close” to deciding on what advanced jets it would buy, Mr. Cordura said, noting that the air force wants fighters with “asymmetric” capabilities and could carry heavy weapon payloads for long-range flights.
“We need a platform that has longer endurance, a greater payload for ammunition, and has asymmetric capabilities,” he said.
“Our future operating bases will be on the periphery of the archipelago,” he added, citing the need for jets that could land on shorter and rugged runways.
The multi-role jets should also be interoperable with the military systems of the Philippines’ allies, Mr. Cordura said.
But the government is factoring in the cost of multi-role fighters as it evaluates which jet to acquire for the air force, he said. Manila is allotting as much as P400 billion for the purchase of 40 advanced jets, Defense Secretary Gilberto C. Teodoro, Jr. said last year.
The Southeast Asian nation has launched a $35-billion (P2 trillion) military modernization program aimed at bolstering its defense capabilities in the next decade, including the acquisition of advanced naval ships, planes and missile systems, as it pushes back against Beijing’s military might in the region.
China claims nearly all of the South China Sea via a U-shaped, 1940s nine-dash line map that overlaps with the exclusive waters of the Philippines, resulting in clashes at disputed maritime features, as both the countries uphold their claims in the marine-rich water.
Meanwhile, the Philippine Navy is prepared to secure oil exploration and drilling operations in the disputed water, vowing to shield them from attempts to disrupt the country’s exploitation of natural resources, spokesman Rear Admiral Roy Vincent T. Trinidad told the same briefing.
“We are prepared to provide protection to any other party that will be working with the Philippine government, and to provide security against any interference by any foreign power,” he said.
The Energy department last week said a Korean drillship arrived in the Philippines to bore new gas wells at the Malampaya gas field in the South China Sea, which is about 65 kilometers off the major island of Palawan.
Efforts to drill new gas sources come as Malampaya, the country’s sole natural gas source, nears depletion. Supplying a fifth of the country’s power needs, the gas field is expected to run out of easily recoverable gas by 2027.
The South China Sea dispute has hampered efforts to drill at Reed Bank, which may hold as many as 5.4 billion barrels of oil and 55.1 trillion cubic feet of natural gas, according to a 2013 report by the US Energy Information Administration.
The maritime feature lies about 85 nautical miles (157 km) off the coast of Palawan, within Manila’s 200-nautical mile exclusive economic zone.
South Korean defense company Korea Aerospace Industries earlier said it had signed a deal worth 975.3 billion won (P41 billion) with the Philippine Defense department to supply 12 aircraft.
The company will export 12 of its FA-50 fighter jets by 2030, it said in a statement.
Korea Aerospace signed a similar deal with Manila in 2014 and supplied another batch of 12 FA-50 jets in 2017.
South Korea, which has sold FA-50 fighter jets, corvettes, and frigates to the Philippines, aims to become the world’s fourth-largest arms exporter by 2027.