Section 4 of the law states:
SEC. 4. Section 8 of the same Act is hereby amended to read as follows:
“SEC. 8. Appropriations for the Revised AFP Modernization Program. – The annual appropriations for the Revised AFP Modernization Program shall include the amounts necessary to support the funding requirements for all modernization projects submitted to Congress under the preceding section.
“The funds to be appropriated by Congress under this Act shall be treated as a distinct and separate budget item from the regular appropriation for the Department of National Defense (DND) and the AFP and shall be administered by the Secretary of National Defense.
“The Revised AFP Modernization Program shall be based on an amount of at least Seventy-five billion pesos (P75,000,000,000.00) for the first five (5) years.”
That should translate to P15B per year (as a poster on the forum's FB honey for the defense budget pointed out).
The 2013 budget, however, only allocated the now-usual P5B for modernization.
It'll be interesting to see if:
a) The time frame for the new modernization law actually starts in 2014 and ends in 2019
b) The time frame starts this year, with Congress leaving he executive to fill in the gaps for the first year
c) The time frame starts this year, but funding will catch up in subsequent years, resulting in an allocation of P18.75B for the years 2014 to 2018