Feb 24, 2014

Philippine government reached agreement to buy 12 FA-50s

Philippines has approved the payment scheme for the purchase of 12 lead-in fighter trainer jets from South Korea, taking the deal to acquire the air assets a step closer to completion.
The defense department has been allowed to make an advance payment of 15 percent of the total contract price to South Korean firm Korean Aerospace Industries (KAI).
The defense department is seeking to complete the negotiations with KAI within the week..
KAI initially wanted 52 percent down payment to cover manufacturing costs, but it dropped the payment scheme and agreed to a progressive payment.

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