Metro Manila (CNN Philippines, October 18) — Defense Secretary Gilberto Teodoro Jr. on Wednesday said the Maharlika Investment Fund may be tapped to invest in military equipment being developed abroad.
In a forum, Teodoro said apart from the potential income, the Armed Forces of the Philippines (AFP) will have an advantage when it comes to access to modern defense technology.
“Isa yun sa pwede natin i-tap, sisiguraduhin lang na kung sino ang magiging administrator, merong reasonable rate of return,” he said, adding that it could enable the military to outsource processes.
[Translation: The MIF can be potentially tapped. We just need to make sure that whoever will be the administrator, there’s a reasonable rate of return.]
He cited the case of the Netherlands which invested in the development of F-35 jets in the United States.
The defense chief said the Philippines may invest in disruptive technologies from advancements in information technology, given the country’s pool of scientists.
Congress in now tackling a bill on the Enhanced Self-Reliant Defense Posture (SRDP). If it becomes law, the military will be allowed to buy world-class locally manufactured equipment, and the government can invest in technologies abroad.
Teodoro earlier said Congress has promised the strengthening of the SRDP, as well as amending the modernization and procurement laws.
On strengthening capabilities
Teodoro also told reporters the Department of National Defense (DND) is still waiting for President Ferdinand Marcos Jr.’s approval of the revised Horizon 3 or the third phase of the AFP Modernization Program, to address possibly outdated equipment in the military acquisition plan.
“Obsolescence is something we have to deal with and it’s happening faster and faster, particularly in information technology,” he said.
The defense chief said there is a need to hire workers to fight cyberattacks, although the “best talent… may not fit the mold of civil service employees.”
He said DND officials are drafting a department reorganization bill to recruit such employees.
Some government agencies recently faced cyberattacks, including the Philippine Health Insurance Corporation and Philippine Statistics Authority.
CNN Philippines digital producer Jelo Ritzhie Mantaring contributed to this report.
