Showing posts with label South Korea. Show all posts
Showing posts with label South Korea. Show all posts

88 Meters Korean Anti-Submarine Warship Offered to the Philippines for ₱5,000 Pesos Each a real deal?

Korean Pohang-Class Anti-Submarine Warship “Chungju PCC-762” Offered to Philippine Navy
Korean Pohang-Class Anti-Submarine Warship “Chungju PCC-762” Offered to Philippine Navy for $100 USD

88 Meters Korean Anti-Submarine Warship Cheaper than a Smart Phone: Philippines to buy three for ₱5,000 Pesos Each a real deal?

Korean Pohang-Class Anti-Submarine “Chungju PCC-762” which launched on 30th June 1984, commissioned on 1987 and was decommissioned on 27th December 2016 after 29 years of service in protecting Korean waters has been offered to the Philippine Navy by the Korean Government.

South Korea will transfer an ageing Pohang-class anti-submarine warship to the Philippines this year in return for just $US100 (₱ 5,000.00), boosting its capability to patrol vast maritime borders.
The 88.3 meters corvette type warship has a 1,200 tones displacement, speed of 32 knots (59 km/h), and capacity of 95 crews.

It could be fitted with armaments such as 2 x MM-38 Exocet, 1 OTO melara 76 mm/62 compact cannon, 2 x Emerlec 30 mm cannons, 4 x harpoon missiles, 2 x Nobong 40mm/70 twin cannons, 3 x Mark 32 triple torpedo tubes with 6 chung sang Eoes and 12 x mark 9 depth charges.

South Korea, next to USA for being the largest source of Philippine military hardware, from fighter jets, and patrol ships to armored vehicles and army trucks.

USA has provided almost the same armament to the Philippines in 2013 but unlike the Pohang Anti-submarine warship which cost the Philippines only $100 USD, the Hamilton Class cutters from the USA cost the Philippine government a hefty $10 Million US Dollars.

Philippines received ten FA-50 light fighters from Seoul and two more will be delivered next month to complete the 12 aircraft, 18 billion peso deal.

The Philippines has expressed interest to acquire six more similar planes.

"We are hoping to receive the vessel within the year," defense spokesman Arsenio Andolong said of the warship.

"The transfer will be in the form of a donation. We will pay a token $US100, but the corvette will still undergo refurbishment."

He said he has no idea how much the Philippines would need to spend to repair and restore the warship.

Andolong said the Philippines may acquire up to three such warships, which Seoul is replacing with newer and faster vessels.

"This may be an old ship but it will definitely enhance our capability to patrol our waters and perform counter-terrorism measures," he added.

South Korea has donated a lot of military hardware to the Philippines and has expressed gratitude for Manila's role in the 1950-53 Korean War.

China, Japan, Korea, Russia compete for $2 Billion Nuclear Plant, LNG Philippines Gas project

Russia Floating Nuclear Power Plant Technology
Russia Floating Nuclear Power Plant Technology. illustration: popsci.com

China, Japan compete for $2bn Philippine gas project


China and Japan are competing for a $2-billion liquefied natural gas (LNG) project in the Philippines, Energy Secretary Alfonso Cusi told the Nikkei Asian Review.

Over 20 companies from eight countries have proposed partnerships with state-owned Philippine National Oil Corp. for an LNG receiving terminal at the southern part of Luzon Island. Cusi said his team is still reviewing funding and technology options.

"We are talking to China [and] Japan," he said. "We are looking at which can offer the best in terms of funding. It's too early to say who is more advanced -- there are so many things to look into."

Countries that offer the best financing options usually pick their own domestic contractors. Cusi said Tokyo Gas, Osaka Gas, and a number of Chinese state-owned and private companies have shown interest.

Cusi is vice chairman of President Rodrigo Duterte's PDP-Laban party. He has traveled to Beijing and Tokyo this year to solicit energy investments for the Philippines, which runs into alerts and price spikes for electricity whenever the country's lone LNG facility undergoes maintenance.

Cusi said he plans to travel to South Korea and Russia, and does not favor any particular power-generating technology. He said Malampaya, the only source of natural gas in the Philippines, is expected to be exhausted by 2024. The gas field operated by a consortium led by Royal Dutch Shell provides 40-45% of Luzon island's power requirements. Luzon accounts for two-thirds of gross domestic product in the Philippines.

The proposed terminal could import LNG from other countries while alternate Philippine resources are being developed. These include gas fields in the South China Sea in dispute with China. The terminal's plant will initially generate around 200 megawatts, but can expand to 800MW. Cusi hopes to find an investor this year.

Duterte is targeting total household electrification before he leaves office in 2022. As of December, over 90% of households had access to energy. Cusi also said he is studying the possibility of activating a $2 billion nuclear power plant on the Bataan peninsula. The project, initiated under President Ferdinand Marcos in the 1970s but never activated, is located near an earthquake fault line.

Sulu Province of Southern Philippines could have the first ever operating 100 MW Nuclear Power Plant this year according to the report (see here) - Nikkei Asian Review

The Philippines and KR big winners from China's slowdown but Fearing Investors for MARCOS Jr bid for 2016 Presidency

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The Philippines and South Korea are the big winners from China's slowdown

How panicked were investors last week about China's stock market plunge? Enough to treat the Korean peninsula, a place that was teetering on the brink of war, as a safe haven.

Even as policy makers braced for renewed military confrontation between North and South Korea, the won staged a rally.

It may be time to start counting Korea as a developed nation, rather than an emerging market. 

That's made South Korean assets one of the few bright spots in a dark time for emerging markets. On August 24 alone, investors yanked $2.7 trillion out of developing nations, with Indonesia, Malaysia and Thailand especially hard hit. It matched the violent September 2008 selloff after Lehman Brothers collapsed.

Back then, Korea was battered so hard that pundits were calling it the "next Iceland" and the "Bear Stearns economy". Now, together with the Philippines, it's one of Asia's only refuges from chaos.

It's not hard to explain why many Asian economies are suffering from China's slowdown. Exporters of commodities, who depended on a humming Chinese market, have especially suffered. But why are there such big outliers among battered emerging markets?

Less like lemmings

The answer is that investors are finally basing their decisions less on herd mentality than nuanced, case-by-case analyses.

"Emerging market investors have become a lot savvier," says economist Frederic Neumann of HSBC in Hong Kong.

"Gone are the days where emerging markets were all lumped into one bucket. Today, countries with stronger fundamentals are able to resist the spread of contagion washing over global financial markets."

Along with South Korea and the Philippines, Neumann notes that even some frontier economies, like Vietnam, "have weathered global financial turmoil with apparent ease".

The common link among the success stories is they've got the basics right since Asia's 1997 financial meltdown. They have healthier financial systems, greater transparency, stronger banks, sober national balance sheets, and reasonable current-account deficits.

Malaysia's reckoning, by contrast, is long overdue.

The ringgit is trading near 17-year lows because scandal-plagued Prime Minister Najib Razak cares more about staying in power than modernising the country's unproductive economy.

Meanwhile, Thailand's military junta is undoing much of the progress Bangkok made since the late 1990s in strengthening the rule of law. And for all its gripes that Indonesia is being unfairly lumped in with Asia's laggards, President Joko Widodo's administration is rapidly losing the trust of investors.

While there's still time to win it back, Widodo's first 315 days in office have been a case study in timidity, drift and lost opportunities.

Korea credible

Korea, by contrast, is on the "more credible side of the spectrum," says economist Marc Chandler of Brown Brothers Harriman.

Even though China's downshift and US interest rate hikes will eventually make a dent, the won was Asia's top performer last week. Its 2.7 percent gain almost matched the drop in the Chinese yuan since August 11.

Meanwhile, Korean bond yields are falling. It turns out that the world's central banks had it right last year when they boosted their Korean debt holdings. In 2014, they made up 45.4 percent of the foreign-held portion of Korea Treasury bonds, up from 41.8 percent a year earlier.

It may be time to start counting Korea as a developed nation, rather than an emerging market. Korea still faces many challenges, not least of which are its rogue family-run conglomerates. But its macroeconomic performance deserves the recognition it's receiving from investors.

The same goes for the Philippines. Since 2010, President Benigno Aquino has steadily improved his nation's debt position (winning investment-grade ratings in the process), attacked graft and drawn in waves of foreign-direct investment.

Last month, reporters asked Philippine central bank governor Amando Tetangco if he's worried about the spectre of economic crisis haunting Asia at the moment.

"There's a herd mentality," he said, "but there'll be differentiation."

So far, he's been proven right. The country formerly derided as the "sick man of Asia" has been standing its ground amid market chaos.

Still risks

Risks abound, of course. While South Korea's economic fundamentals are stable – it's growing at a rate of 2.2 percent with a 3.7 percent jobless rate – its high household debt of $458 billion is a concern.

Manila, for its part, faces an uncertain 2016 election, in which Ferdinand Marcos Jr, son of the dictator who ravaged the nation in the 1970s and 1980s, may make a bid for the presidency. History has shown that emerging markets are often just one bad leader away from relapsing into chaos.

For now, the relative stability washing over Korea and the Philippines underscores that steady leadership and long-term thinking matter. It also shows that global investors are getting better at identifying those factors in Asia. - Bloomberg / The Sydney Morning Herald

Philippines confirmed buying SKR/ Japan made diesel powered Submarine- For the first time

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Philippines is interested in acquiring Diesel submarines based on technology from the Japan Maritime Self-Defense Force's Soryu-class vessel. image:asia.nikkei.com

Philippines to buy submarines and advanced missile systems for the first time

This will ensure strength in the South China Sea

Manila: For the first time, the Philippines will buy electric and diesel-run submarines, including advanced missile systems, as listed in its $22.11 billion (998 billion pesos or Dh83.166 billion) modernization plan that was approved in July, to ensure its strength against China, Taiwan, Vietnam, Brunei, and Malaysia which have overlapping claims in the South China Sea, sources said.

“The Philippine Navy will buy several submarines and missile systems in the next five years from private manufacturing firms either from South Korea or Japan,” a military source who requested anonymity told Gulf News.

“The ambitious purchase was scheduled after the Philippine economy grew, received good ratings from rating agencies, and allowed borrowing for expensive war materials, but the Philippines could not yet match China’s 26 submarines,” said the same source.

In 2013, the Philippine Navy bought two 1.400 tons Incheon-class frigates (also called Future Frigate experimental or FFX), manufactured by South Korea’s Hyundai Heavy Industries and STX Offshore and Shipbuilding for $400 million (18 billion pesos or Dh1.5 billion); two strategic sealift vessels or floating command centers which can transport three helicopters per vessel, soldiers, and supplies at sea, from Indonesia’s PT PAL (Persero) for $85.7 million (3.86 billion pesos or Dh321.6 million). The new frigates and sealift vessels will arrive in the Philippines at the end of 2015 or early 2016, President Benigno Aquino announced recently.

It is widely reported that the Philippine Navy is manned by three US-made refurbished frigates: BRP Tagbanua; BRP Gregorio del Pilar and BRP Ramon Alcaraz, but Japan’s defense ministry said the Philippine Navy has 80 warships; China, 892; Malaysia, 208; and Vietnam, 94.

The Philippine Coast Guard also bought 10 40-metre-long multi-purpose response vessels (MRRV) from Japan in late 2013 for $184 million (8.09 billion pesos or Dh674.6 million), in a loan forged with Japan International Cooperation Agency (JICA) in 2014. They will augment the Coast Guard’s 19 rescue vessels, when they arrive in the Philippines at the end of 2015, sources said.

The Coast Guard secured a $20 million (900 million pesos or Dh75 million) loan from the United States’ Defense Threat Reduction Agency (it has a maritime security project with the US’ Weapons for Mass Destruction Proliferation Prevention Program) for three aerial surveillance radars, two surface sensors and three surveillance planes for the Philippine Coast Guard National Coast Watch Centre in northern Luzon and southwest Philippines.

Recently, the Philippine Air Force bought 12 new FA-50 fighter-trainers made by Korea Aerospace Industries. six Close Air Support Aircraft; seven of 13 AW-109 helicopters; and six of eight Bell-412 combat utility helicopters made by Korea Aerospace Industries. The two fighters will arrive in December 2015 or early 2016, and the rest in 2017.

Japan’s defense ministry said the Philippines has a total of 26 combat aircraft, compared with China’s 2,582 combat aircraft.

The Philippine government also allotted $22 million (1 billion pesos or Dh83.33 million) for the development of three new naval bases that will protect its 36,000 kilometer coastline facing the South China Sea.

In 1995, Congress approved an $8.08 billion (364 billion pesos or Dh30.3 billion) military modernization plan for 15 years. But only 10 per cent of the approved budget was secured by a loan 15 years later, in 2010, the budget department said.

China, Taiwan, and Vietnam claim the whole of the South China Sea and several parts of the oil-rich Spratly Archipelago. Brunei, Malaysia, and the Philippines claim their respective exclusive economic zones in the South China Sea and parts of the Spratly Archipelago. - Gulf News

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