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National Defense Secretary Delfin Lorenzana (File photo) MANILA - Department of National Defense (DND) Secretary Delfin Lorenzana on Tuesday expressed his delight after the Department of Budget and Management (DBM) released the Special Allotment Release Order (SARO) for the 15 percent advance payment for the Philippine Navy (PN)'s Corvette Acquisition Program (CAP). "We have been waiting for this for the procurement process to proceed," he said when asked by the Philippine News Agency for a reaction after the DBM released the SARO to the DND last Dec. 10. The SARO worth PHP3.75 billion is intended to "cover the funding requirements for the 15 percent advance payment for the CAP of the PN under the Revised Armed Forces of the Philippines Modernization Program." Lorenzana also said there are still several steps to be done before the contract is signed. "Our target is before the year ends," he added. With this development, Lorenzana said the DND can go on ....

South Korea , South Korean , Armed Forces Of The Philippines Modernization Program , Hyundai Heavy Industries , Philippine Navy Pn Corvette Acquisition Program , Department Of National Defense , Department Of Budget , Philippine News Agency , National Defense , Secretary Delfin Lorenzana , Special Allotment Release Order , Philippine Navy , Corvette Acquisition Program , Revised Armed Forces , Philippines Modernization Program , Jose Rizal Class , National Defense Secretary Delfin Lorenzana File Photo Manila Department Of Dnd On Tuesday Expressed His Delight After The Budget And Management Dbm Released Special Allotment Release Order Saro For 15 Percent Advance Payment Philippine Navy Pn 39s Corvette Acquisition Program Cap Quot We Have Been Waiting This Procurement Process To Proceed , Uot He Said When Asked By The Philippine News Agency Fora Reaction After Dbm Released Saro To Dnd Last Dec 10 Worth Php3 75 Billion Is Intended Quot Cover Funding Requirements For 15 Percent Advance Payment Cap Of Pn Under Revised Armed Forces Philippines Modernization Program Lorenzana Also There Are Still Several Steps Be Done Before Contract Signed Our Target Year Ends , Uot He Added With This Development , Orenzana Said The Dnd Can Go On With Finalization Of Cap Contract Budget For , Hich Consists Of Two Modern Corvettes Capable Anti Ship , Anti Submarine , Nd Anti Air Warfare Missions , S Placed At Around Php28 Billion It Will Also Be Equipped Witha Variety Of Sensors To Allow Conduct Such Missions The Acquisition These Two Missile Armed Corvettes Was Done Backstop Brand New Frigates Acquired From South Korean Shipbuilder Hyundai Heavy Industries Hhi Quot They Are Smaller Than Jose Rizal Class But Sufficiently , Uot Lorenzana Said When Asked Fora Description Of The Ships Two Jose Rizal Class Frigates Measure 107 Meters And Weighs Around 2 , 600 Tons Earlier ,