Philippines to sign Letter of Credit for F/A-50 Signed Within This Month

The letter of credit(LOC) for the South Korean F/A-50 "Fighting Eagle" for the Philippines Air Force.
The signing will take place by this coming week or the next.
Contract for the Korean Aerospace Industries (KAI) jet aircraft, of which the Philippines has ordered 12 units, was signed last March 28.
Upon signing of the LOC, two F/A-50 jet aircraft are expected to be delivered 18 months after.
While the next two will be delivered 12 months later and the remaining eight jet planes to be delivered in staggered basis within eight months.
The F/A-50 will act as the country's interim fighter until the Philippines get enough experience of operating fast jet assets and money to fund the acquisition of more capable fighter aircraft.
The F/A-50 design is largely derived from the F-16 "Fighting Falcon", and they have many similarities.
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