MANILA, Jan. 18 (Xinhua) -- The Philippine Congress has allocated 40 billion pesos (about 673 million U.S. dollars) in capital outlays for the Armed Forces of the Philippines (AFP) modernization program under the 2026 national budget, a senior lawmaker said Sunday.
House of Representatives Minority Leader Marcelino Libanan said lawmakers also authorized an additional 50 billion pesos (approximately 842 million dollars) under unprogrammed appropriations to further support the military's modernization projects.
Libanan said that the release of funds from unprogrammed appropriations would depend on the availability of excess or new government revenues or on the approval of loans for foreign-assisted projects.
He said Congress introduced a new special provision in the 2026 General Appropriations Act, granting the Secretary of Finance authority to enter into loan contracts and other financing arrangements to help fund AFP modernization initiatives.
Under the provision, Libanan said, the finance secretary may arrange additional funding, including grants and loans, if necessary, in consultation with the Department of National Defense and subject to presidential approval and prior concurrence of the Monetary Board. ■
