Philippine Navy to Stagger Into Eight Payment For 18 Billion Frigates

When the Philippine Navy acquisition program of Two Brand new Frigates worth 18 Billion Pesos is awarded to the  winning and qualified bidder. The payment scheme are:

 

15 percent of the actual value of each of the following:

• during the awarding of the contract
• upon finalization of the contract
• installation of engines, weapons, communications, sensor systems, and auxiliary machinery
• during the acceptance trials

 

10 Percent Each of the Following:

• for the laying of the keel of the ships
• upon delivery of the frigates to the Philippines
• for the construction of the vessel
• upon completion of the warranty period

The brand new frigates  includes a capability to conduct air-to-air warfare (AAW), anti-surface warfare (ASuW), anti-submarine warfare (ASW), and electronic warfare (EW).
Source: http://www.pna.gov.ph/index.php?idn=1&sid&nid=1&rid=608399