The Philippine government is set to acquire two new corvettes from South Korea as part of the modernization program for the Philippine Navy.

Defense Secretary Delfin Lorenzana said the Philippine Navy wants the corvettes to be acquired from South Korea’s Hyundai Heavy Industries (HHI) the same company that building its two missile armed frigates.

"On the corvettes, it is not yet signed by Hyundai, but that is what the Navy wants so that the corvettes and frigates will be constructed by the same shipbuilder, so that there system will be the same...," Lorenzana told reporters in Camp Aguinaldo.

He said the corvettes will be acquired through government-to-government procurement.

"It will be government-to-government because we also have difficulties on funds because the two corvettes (costs) 30 billion pesos," he said.

"The Korean government is willing to finance it then we will pay them through the years, maybe five to 10 years," said Lorenzana.

"It's very enticing proposal because we do not have outright money... if we do not have enough money now we can amortize it through the years," he added.

Lorenzana announced the acquisition of corvettes to South Korea during the arrival ceremony for the BRP Conrado Yap (PS39) and BRP Davao Del Sur (LD609) last Tuesday. Robina Asido/DMS