US to give PH $500M in defense funding
US Secretary of State Antony Blinken announces on July 30, 2024 that his country will provide $500 million in military funding to the Philippines as Washington boosts ties with Manila amid its maritime tensions with Beijing. The Philippines has competing claims with China in the waters to its west also known as the South China Sea. China claims 90 percent of the sea as its sovereign territory. President Ferdinand Marcos Jr said during a meeting with Blinken and US Defense chief Lloyd Austin that regular engagements between Manila and Washington were needed to ensure 'agile responses to Philippines' maritime tensions with China
REUTERS VIDEO
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US Secretary of State Antony Blinken announces on July 30, 2024 that his country will provide $500 million in military funding to the Philippines as Washington boosts ties with Manila amid its maritime tensions with Beijing. The Philippines has competing claims with China in the waters to its west also known as the South China Sea. China claims 90 percent of the sea as its sovereign territory. President Ferdinand Marcos Jr said during a meeting with Blinken and US Defense chief Lloyd Austin that regular engagements between Manila and Washington were needed to ensure 'agile responses to Philippines' maritime tensions with China
REUTERS VIDEO
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NewsTranscript
00:00We're now allocating an additional $500 million in foreign military financing to the Philippines
00:05to boost security collaboration with our oldest treaty ally in this region.
00:11New steps to strengthen the alliance, a once-in-a-generation investment
00:15to help modernize the Filipino Armed Forces and Coast Guard, our first bilateral security
00:20sector assistance roadmap, doubling our investments in the Enhanced Defense Cooperation Agreement.
00:27As you know, the Philippines has actually long been one of the largest recipients of
00:31foreign military financing in the Indo-Pacific, but the very significant additional investment
00:39that we're making in FMF, the $500 million, this is really designed to support the modernization
00:44of Filipino forces, Coast Guard, as they transition to focus on external defense.
00:52We're building on a lot of progress the Philippines has already made
00:55to be better positioned to defend their sovereignty. That is what this is about.
00:59These and all the EDCA investments will serve to secure the Philippines' credible deterrent
01:08posture. Every peso or dollar spent on hardening Philippine capabilities to defend itself and to
01:16deter unlawful aggression will be a plus against any threat actor, whether it be China or anyone.
01:25Thank you.