Defense Secretary Gilberto “Gibo” Teodoro Jr. has sought the help of business leaders in crafting “creative financing solutions” to ease the financial burden on the government in implementing the military’s modernization program.
Speaking before members of the Management Association of the Philippines (MAP) in Taguig City on Wednesday, Teodoro highlighted the significant resources needed to fund the continuing modernization of the Armed Forces of the Philippines that must be balanced with the government’s mandate to spend for infrastructure, social services, education, and many other priorities.
“We need to find off-budget, nontraditional financing sources for modernization but not [based] on the model of the old BCDA (Bases Conversion and Development Authority), where land was traded for modernization,” he said.
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