The defense market in the Philippines is intensifying as two major competitors, South Korea’s KF-21 and the American F-16 from Lockheed Martin, have been shortlisted for the Philippine government’s multirole fighter (MRF) aircraft procurement project. According to an article from The Korea Economic Daily published on October 18, 2024, the KF-21 is considered a strong contender for meeting the Philippines’ needs. With an estimated budget of 400 billion Philippine pesos ($6.95 billion), this project aims to address the growing threat China poses in the South China Sea.
Only the KF-21 Boramae from Korea Aerospace Industries (KAI) and Lockheed Martin’s F-16 were shortlisted, setting up a two-way competition
The Philippine Air Force launched this project in August, seeking to acquire around 40 multirole fighter jets. In the first phase, a budget of 61.2 billion pesos ($1.1 billion) has been allocated to purchase 10 combat aircraft. Initially, several aircraft were considered, including the Swedish Gripen, the French Rafale, and the European Eurofighter Typhoon. However, only the KF-21 Boramae from Korea Aerospace Industries (KAI) and Lockheed Martin’s F-16 were shortlisted, setting up a two-way competition.