DND Arming BRP Gregorio del Pilar with Antiship Missiles

 

The Department of National Defense intends to arm its recently-acquired warship, the Navy's Hamilton-class cutter BRP Gregorio del Pilar, with antiship missiles, a DND official said Sunday (September 9, 2012).

 

The official, who requested anonymity because he was not authorized to speak on the matter, said the Gregorio del Pilar's weapons system would be upgraded with Harpoon antiship missiles—described as a modern, all-weather, over-the-horizon defense system.

 

The Gregorio del Pilar,a decommissioned US Coast Guard cutter, was acquired last August as the Navy's flagship vessel. Although "combat ready," the US stripped the warship of its most sensitive armaments.

 

The Navy is getting another Hamilton-class cutter from the US, the Coast Guard cutter "Dallas," and this would also be fitted with missiles here, the source said.

 

"These upgrades will make our Hamilton-class cutters more capable vessels. It will definitely satisfy our minimum deterrent capability as far as naval defense is concern," the official said

 

Another Hamilton Class Cutter to Twin-up with BRP Gregorio del Pilar is on the process for farewell from its current port in the USA and would be navigating soon within this year to team up with BRP Gregorio del Pilar in safeguarding Philippine Seas

 

BRP Gregorio del Pilar - Hamilton Class cutter to be armed with antiship missiles 

Inquirer 

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Philippines International Gross Reserves hit up August 2012 to $80.80 Billion USD

The Philippines' gross international reserves (GIR) surpassed the $80-billion mark in August, the highest ever recorded by the Philippines and a big boost to the confidence of the international financial community and foreign investors.

 

According to the Bangko Sentral ng Pilipinas, the GIR hit $80.80 billion as of the end of August, up 6 percent from $75.94 billion as of the same period last year. The latest amount of foreign exchange reserves was also about 1-percent higher than the $79.76 billion posted as of end-July.

 

The sustained rise in the GIR in August was attributed partly to the central bank's foreign exchange operations. The BSP buys foreign currencies in the market from time to time to temper wild fluctuations in the peso-dollar exchange rate.

 

Supply of dollars in the market remained strong given the continued growth in remittances from overseas Filipinos and foreign investments mostly in peso-denominated instruments and in the country's business process outsourcing (BPO) industry.

 

The rise in the country's foreign exchange reserves was also traced partly to dollar deposits placed by the national government at the central bank.

 

The government borrows dollars through loans from foreign creditors or the issuance of foreign currency-denominated bonds. Before the government uses the proceeds from these loans and bond sales to repay maturing foreign debts, it usually parks the funds at the BSP, thus beefing up the country's foreign exchange reserves.

 

The rise in the GIR was also traced to the increase in the prices of gold in the world market. Of the country's foreign exchange reserves, $10.55 billion were in gold holdings.

 

GMA News

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