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Investing.com -- The U.S. State Department has informed Congress of its approval for a potential $5.6 billion sale of Lockheed Martin ’s F-16 fighter jets to the Philippines. This move is expected to strengthen the United States’ strategic partnership with a key Southeast Asian ally that has had disputes with China.
The proposed sale includes 20 F-16 jets, manufactured by Lockheed Martin Corporation (NYSE:LMT), along with other equipment such as missiles, radars, and spare engines, as stated by the Defense Security Cooperation Agency.
The sale, if finalized, is anticipated to enhance the security of the Philippines, a strategic partner that continues to play a significant role in promoting political stability, peace, and economic progress in Southeast Asia.
The Philippines has requested to buy a variety of aircraft and equipment, including sixteen F-16 C Block 70/72 aircraft, four F-16 D Block 70/72 aircraft, and a variety of engines, radars, missile launchers, and other related equipment. The total estimated cost of the requested items is $5.58 billion.
At this time, the U.S. Government has not been informed of any offset agreement proposed in relation to this potential sale. Any such agreement would be negotiated between the purchaser and the contractor.
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