Philippines to Open Letter of Credit for F/A-50 Within 7 Days

The letter of credit for the purchase of the South Korean F/A-50 will be opened within seven day.
Upon opening of the LOC, two F/A-50 jet aircraft are expected to be delivered within 18 months.
The next two units will be delivered 12 months later and the remaining eight jet planes in staggered basis within eight months.
The F/A-50 will act as the country's interim fighter aircraft until the Philippines get enough experience of operating fast jet assets and money to fund the acquisition of more capable fighter planes.
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