Discounting the Philippine Defense

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The Philippine population is beyond 96 million, 39.6% or about 38 million of that are employed. If the participation of each citizen can be harnessed to boost Philippine defense through an enabling law, or more expediently through a discounted bond offering, urgent and essential funds for military procurement could increase, at a minimum by PHP 34 billion or 40% of the PHP 85 billion modernization budget.

Lets say that a theoretical bond offering with a face value of PHP1,000 is discounted at 10%, with a maturity of 7 years is availed of by the 38 million employed Filipinos, it would translate to PHP 38 billion or about USD 864 million bond indebtedness by the Philippine government to its citizens, and a net cash proceeds of USD 777.6 million to the procurement coffer. The latter could equate to 12 JAS 39 Gripen or 20 more FA 50 Jets; maybe 38 fully armed KFIR Block 60; perhaps an additional two brand new frigates; it may buy 500 or so SAM and Anti-Ship missiles, or even around 800,000 Remington m4 rifles; or 388 multi-purpose fast attack craft. If the same bond offering will be patronized by Philippine domestic companies, the theoretical figures mentioned could double or triple. Such that, we could be looking at a conservative figure of PHP 102 billion or USD 2.3 billion in immediate funds. This fund could readily be available in 2-3 years, maybe shorter compared to the 10 years timeline under the AFP modernization law. The government bond liability maybe offset against the AFP modernization budget or against the proceeds from the sale of military reservations and facilities.  Ideally however, given the currency and urgency of need it may be treated as separate and distinct from the AFP modernization fund through a presidential executive order, so that it may only be utilize to address the external threat. Hence, may be use only for the immediate acquisition of ready to use major military equipment and weaponry. Needless to state, safeguards must be fortified in place to secure the bond proceeds to ensure that it meets the purpose and nothing else subject to strict conformance with auditing regulations and applicable laws.

The constitution expressly provides that the state may demand performance of that duty that each able bodied citizen has to render to protect the nation's sovereignty; it is the responsibility inherent to upstanding citizenship; and while not everyone can be in the military, a citizen may exhibit and manifest patriotism in many other different ways. With transparency and truth as the platform, it is certain that the Philippine citizenry and the constituency as a whole will not deny themselves the opportunity to serve in their own way and capability.

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