TODAY'S BUSINESS HEADLINES

Smart wins respite from Appeals Court over text messaging refund 20-Oct-14, 7:42 PM | Darwin G. Amojelar and Brian Maglungsod, InterAksyon.com

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PH stock index takes cue from overseas markets, stays above 7,000-mark 20-Oct-14, 4:17 PM | Krista Angela M. Montealegre, InterAksyon.com

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Philippines sheds foreign exchange for a ninth month 20-Oct-14, 2:57 PM | Scarlet Venilia, InterAksyon.com

Military eyes P70-billion in acquisitions over eight years

InterAksyon.com means BUSINESS

The government is looking to roll out P70 billion-worth of projects over the next eight years for both the military and defense department, Defense Secretary Voltaire Gazmin revealed on Friday.

Included in these projects are planned acquisitions of military equipment such as fighter jets, long-range patrol aircraft and multi-role vessels.

Gazmin, speaking to reporters after the launch of the Defense Acquisitions System Assessment at Camp Aguinaldo, said also included are "big ticket" items such as radars and other major improvements in the military.

The acquisitions will be carried out until the year 2020. Gazmin also said the programs that will benefit from the spending will impact on both internal security matters and territorial defense needs of the country.

Gazmin said they will deploy teams to various countries starting Saturday to scout for possible equipment. "Take ships: From Europe, from the US, from Asia - We'll take a look and evaluate which is best and affordable for us, and we'll prioritize that, not necessarily those made in America," he said in Filipino.