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Philippine President hints at additional aircraft purchases from KAI

Collected: 2017.07.05

Distributed: 2017.07.06

Source: Go Direct

Philippine President Rodrigo Duterte

South Korea’s sole aircraft manufacturer Korea Aerospace Industries Ltd. (KAI) could draw additional $400 million order on light attack aircrafts from the Philippines before Philippine President Rodrigo Duterte’s term ends in 2020.

According to KAI on Tuesday, Duterte would have the Philippine government mull purchasing additional 12 FA-50PH light attack aircrafts from the Korean aircraft manufacturer during his term. He made the pledge at an event celebrating the Philippine Air Force’s 70th founding anniversary and the deployment of the 12 aircrafts from KAI.

In March 2014, the Korean aircraft manufacturer won a $420 million order to assemble 12 FA-50PH light attack aircrafts from the Philippines government and completed the delivery of the fleet on Tuesday.

If Manila buys 12 more fighter jets as its president promised, KAI would earn additional $400 million from the deal. Duterte’s six-year presidential term that began on June 30 last year will end in 2020.

FA-50PH [Photo by KAI]

The FA-50PH light attack aircraft shares the same platform with the T-50 advanced trainer jet that KAI has developed in partnership with U.S-based Lockheed Martin, and it is equipped with advanced equipment and weapons for air battle.

KAI has exported 137 units of KT-1 and T-50 trainer jets worth $3.4 billion to seven countries including the Philippines, Indonesia, and Turkey.

Shares of Korea Aerospace Industries ended Wednesday at 58,100 won ($50.53), down 500 won or 0.85 percent from the previous session.

By Kim Jung-hwan

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