MANILA: The Philippines has started soliciting offers as it plans to procure 40 new multi-role fighter aircraft to boost its territorial defence, the defence minister said today.

Bidders must submit a proposed financing package where payment can be spread out, Defence Secretary Gilberto Teodoro told a congressional budget hearing.

He did not specify which models the Philippines was seeking to procure, or potential bidders. It was not immediately clear the timeframe for the planned procurement.

The Philippines, a defence ally of former colonial power the United States, is seeking to modernise and beef up its military inventory and its air force currently has few fighter jets.

The military chief has said the country needed "faster and more lethal" multi-role jet fighters on top of its South Korean FA-50s.

The government is looking at reasonable financing schemes to fund its modernisation programme, including tapping syndicated loans from private lenders, Teodoro said.

President Ferdinand Marcos Jr has approved "Re-Horizon 3", an acquisition plan for new military weaponry and equipment worth 1.89 trillion pesos to boost defences.

 - Reuters