HD Hyundai Heavy Industries has conducted a launching ceremony for the Philippine Navy’s second 3,200-tonne (t) corvette, named ‘Diego Silang‘, at its headquarters in Ulsan, South Korea.
Following sea trials and final equipment installations, the Philippine Navy anticipates the ‘Diego Silang‘ to be fully operational by September 2025.
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It will join its predecessor, the ‘Miguel Malvar‘, which was launched in June 2024 and is expected for delivery to the Philippine Navy on 31 March, a full five months ahead of the initial schedule.
HD Hyundai Heavy Industries president Lee Sang-kyun said: “Based on the strengthened cooperative relationship between our two countries, we will continue to actively support the success of the Philippine military’s modernisation.”
The ‘Diego Silang‘ corvette features dimensions of 118.4 metres (m) in length and 14.9m in width, with a cruising speed of 15 knots, which is roughly 28km/h, and a range of 4,500 nautical miles.
It is outfitted with new weaponry, including a close-in defence weapon system, a vertical launching system, hull-mounted sonar, and a search radar.
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By GlobalDataThe Philippine government’s military modernisation project has been a driver of this development, with HD Hyundai Heavy Industries receiving orders for a total of ten ships.
This fleet of ten ships includes two frigates ordered in 2016, two patrol ships in 2021, and six offshore patrol vessels (OPVs) in 2022.
The first 2,600t Philippine frigate was delivered by HD Hyundai in 2021.
Philippine National Defense Agency undersecretary for Acquisition Salvador Melchor Mison, Jr said: “HDHHI’s innovative technologies and high-quality shipbuilding capabilities have played a vital role in the modernisation of the Philippine Navy.
“This project will further strengthen the relationship between our two countries.”
GlobalData’s report titled ‘Philippines Defense Market 2024-2029’ states the defence budget of the country is projected to rise from $4.1bn in 2024 to $6.2bn by 2029, marking a compound annual growth rate (CAGR) of 6.2%.
The Philippines’ acquisition budget is also expected to increase from $701.1m in 2025 to $849.9m in 2029, indicating a CAGR of 4.9% over 2025–29.
This report further highlights the naval vessels and surface combatants sector as the second largest within the Philippines defence market, with projected spending of $3.3bn between 2023 and 2028.
