When I proposed that the Philippines should make an effort to acquire the F-35 as our MRF, the prevailing negative feedback I got is that we cannot simply afford it.
This got me thinking....
How much can we really afford?
Have we already maxed-out our military spending potential?
So I checked out the 2014 military spending stats from the World Bank, and here it is:
Clearly, if we expect to stand-up to China, we should at least match her military spending.
But because we are a much smaller country, our best benchmark should probably be Singapore.
At 3.2% of Nominal GDP, our 2016 Defense Budget should be about $10.6 Billion ($330 Billion x 3.2%).
Give the AFP a budget equal to 3.2% of our GDP, and let us see whether we cannot still afford advanced weapon systems like Lockheed Martin's F-35...