The aircraft will be built at Finmeccanica helicopter division’s Yeovil plant, in the UK, and is scheduled to be delivered in 2018.
The order also includes training and multi-year support and adds to the orders in progress placed by the UK and the Republic of Korea.
Finmeccanica has supported the Philippine Armed Forces in their previous aeronautics and helicopter programmes.
Finmeccanica CEO and general manager Mauro Moretti said: "We will deliver to the Philippine Navy a state-of-the-art product, unmatched in the modern operational scenarios, and customised to meet their specific needs.
"Also, we will provide the customer with support and training solutions that will enable them to take full advantage of the capabilities of its new helicopters."
The AW159 naval helicopters are the new-generation multi-role, multi-mission maritime and utility helicopter suited to operate in harsh maritime climate comprising rough seas and associated deck motion conditions.
The six tonne helicopter will be equipped with an array of features, including communications, navigation systems, advanced sensors and a range of weapons.
Powered by two turboshaft engines with full authority digital engine control (FADEC), the helicopter is said to provide ‘hot and high’ performance and engine out capability.
It is suited to engage in missions like intelligence surveillance and reconnaissance (ISR), maritime interdiction operations (MIO), anti surface warfare (ASuW), anti submarine warfare (ASW) and search and rescue (SAR) capabilities.
Last year, Finmeccanica, along with Italian shipbuilder Fincantieri, was awarded a €1.1bn contract by the Italian Navy for the construction and equipment of one multipurpose amphibious unit (LHD).
Image: AgustaWestland AW159 helicopter. Photo: courtesy of Finmeccanica.