nufix
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You are basing on the fact that the Filipino are after new jet. F-16, but there are talks with US, Netherland, and even singapre to acquire their second hand jet with equipment package and they will be half of what a new jet cost. With Philippine already servicing F-5 in the past, the upgrade from F-5 and F-16 is not as much from starting from scratch. There are also deals drawing from Singapore to get their F-16 or even F-15 second hand when the Singaporean got their F-35, also another deal have been discussed a few months back to have 50 Australian F-18A in practically free offer after the Aussie retire those airframe, i don't know how's the deal fared. Not to mention Philippine could look at USAF ex-F16 for a cheap start.
There are also way to get new arms on cheap too. You can have a loan, on credit, or even lease/buy option or a mix of buy some, lease some. Money is not really an issue here actually.
I understand that there are many ways to get money, I was just making a rough estimation based on Philippine's own financial capability because helps and assistance from foreign countries are depended on the situation of Philippine itself and its importance to the foreign allies, make them can't be depended. My estimation is based on the possibility that Philippine should finance all of them without loans and assistance from other countries. And yes, money is really an issue here, if Filipino wanted to throw themselves into an armed conflict by expanding their muscles, the amount of money would become the main factor to determine how long they're going to last.