South Korea's KAI signs $700 mln aircraft deal with Philippines

Seoul, South Korea - South Korean defense company Korea Aerospace Industries (KAI) said on Wednesday it has signed a deal worth 975.3 billion won ($712.83 million) with the Philippine defense ministry to supply 12 aircraft.

KAI will export 12 of its FA-50 fighter jets by 2030, which would modernize the Southeast Asian country's military, it said in a statement.

The company previously signed a deal with Manila in 2014 and supplied another batch of 12 FA-50 jets by 2017.

South Korea, which has sold FA-50 fighter jets, corvettes, and frigates to the Philippines, aims to become the world's fourth-largest arms exporter by 2027.

($1 = 1,368.2100 won)

(Reporting by Hyunsu YimEditing by Ed Davies)