Senate President Francis Escudero sees the Philippines is “taking a major step toward” an independent foreign policy with the development of the local defense industry through the revival of the Self-Reliant Defense Posture (SRDP) program.

Once implemented, Escudero said the newly-enacted  Republic Act 12024 or the SRDP Revitalization Act, which was signed by President Ferdinand Marcos Jr. on Tuesday, would allow the government to acquire foreign currency savings.

“It is high time for the Philippines to reduce its reliance on its allies for the supply of its defense requirements. We have the capability to produce material that matches the quality of our international suppliers and with the right amount of support, they will one day be able to scale up their production and supply 100 percent of our needs,” Escudero said.

He added that the new law will “promote technology transfer” that will “ultimately result in the improvement of processes, standards and efficiency in the manufacturing of materiel.”

The SRDP Revitalization Act was included in the Marcos administration’s priority measures under the Philippine Development Plan 2023 to 2028 and the Legislative-Executive Development Advisory Council.

The SRDP provides incentives to manufacturers to establish or relocate production or assembly of materiel in the Philippines, while ensuring protection of local counterparts against unfair competition.