A legislator on Monday proposed that the government offer up to P150 billion worth of retail bonds to help finance the Armed Forces of the Philippines (AFP) modernization program. The next administration should ascertain the feasibility of offering up to P150 billion worth of Kalayaan retail bonds to support the Armed Forces of the Philippines Modernization Program, amid the country's long-running row with China over territorial waters,a statement from House Deputy Minority Leader and LPGMA (LPG Marketers Association) party-list Rep. Arnel U. Ty read.

Mariano, K. R. & Tubadeza, K. M. P. (2016, January 12). Bond issue proposed to fund ships for South China Sea. Business World, p. S1/5.