The Department of Budget and Management (DBM) has approved and forwarded the budget request worth PHP250 million to the Office of the President for the transfer of former Republic of Korea (ROK) Navy Flight III Pohang-class corvette ROKS Chungju (PCC-762) to the Philippine Navy, MaxDefense Philippines said.
ROKS Chungju was decommissioned from South Korean navy service in December 2016.
The Philippine government will be paying the South Korean government with token fee of USD100.
However, the Philippine government will handle the cost for the ship’s refurbishment to make it safe to sail from South Korea to Philippines.
“We have sent a letter to the Government of South Korea expressing our intent to acquire one Pohang class corvette. We are hoping to receive the vessel within the year,” DND public affairs chief Arsenio Andolong told PNA in April 2017.
“The transfer will be in the form of a donation, however, we will pay a token fee of USD100. The corvette will still undergo refurbishment, the cost of which we will shoulder,” he added.
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