The Philippines has signed a $556-million deal with South Korea's Hyundai Heavy Industries to buy two new military vessels, the country's department of national defense said on Tuesday.
The company had already won a contract for building two frigates for the Philippines navy five years ago.
"The Department of National Defense signed a contract agreement with Hyundai Heavy Industries (HHI) for the acquisition of two (2) brand new corvettes worth PHP 28 Billion for the Philippine Navy in a virtual signing ceremony," the department tweeted.
Manila has been actively trying to bolster its navy in order to counter the territorial ambitions of China in the South China Sea, which has put Beijing at odds with Vietnam, Brunei, Malaysia and the Philippines. (ANI/Sputnik)
( With inputs from ANI )
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