[3] After the financial crisis, the funding for the AFP modernization was halted and later neglected by successive administrations until the law expired in 2010.

This new law is aimed at building a defense system capable of addressing the assessed threats,[5][6] at a time when the Philippines is locked with a sea dispute with China in the contested Spratly Islands along with Taiwan and other southeast Asian nations like Brunei, Malaysia, and Vietnam.

A total Projected Cost of US$40 billion[9] On June 20, 2018, President Rodrigo Duterte approved the Armed Forces modernization program's shopping list for Horizon 2.

[11] In January 2024, President Ferdinand Marcos Jr. approved the "Re-Horizon 3" initiative which overhauled the previous acquisition list contained in the original third phase of the modernization program.

On April 27, Israel Aerospace Industries announced that they signed an agreement with HHI to supply the future corvettes with the IAI ALPHA 3D radar system.