Noynoy open to private funding for AFP modernization

MANILA (PNA) — President Benigno Simeon "Noynoy" Aquino III isn't discounting the possibility about government tapping private sector funds to help fast-track modernization of the Armed Forces of the Philippines (AFP).

He expressed openness to the idea, believing such strategy can help meet logistics requirements of the modernization bid so government can already complete this initiative which it commenced in the mid-1990s.

"This can really help achieve the aim of modernization in the soonest possible time," he said.

Government embarked on the modernization bid almost two decades ago to enhance AFP's capability in protecting and serving the nation.

Financing constraints derailed such bid's implementation, however.

Solutions to such constraints were part of discussions during President Aquino's maiden command conference this week.

"We talked about the proposal on how to fund AFP's modernization," he said.

AFP must be modernized so it can have the logistics for carrying out its duties correctly, effectively and timely, he noted.

He declined to comment further about the matter but assured authorities concerned will look into regulations on sourcing from non-government entities funds for AFP's modernization.

Fund sources for AFP's modernization bid are government itself and proceeds from sale of the military camp Fort Bonifacio in Taguig City during the 1990s.

Fort Bonifacio is emerging as a world-class urban hub now known as Global City.

To help generate additional funds for the modernization, however, AFP spokesperson Gen. Jose Mabanta said the military earlier considered to lease out on a long-term basis some of its high-value properties.

"We already identified properties owned by the navy, army and air forces," he said.

He noted such properties are within the vicinity of Global City.

These properties reportedly cover over 100 hectares of land.

AFP aims to generate billions of pesos from leasing such properties as land value in that area continue soaring.

Mabanta also said AFP will prepare a feasibility study covering its lease proposal.

"We must show it's possible," he said. (PNA)

Source: MB