Manila [Philippines], December 28 (ANI/Sputnik): The Philippines has signed a $556-million deal with South Korea's Hyundai Heavy Industries to buy two new military vessels, the country's department of national defense said on Tuesday.

The company had already won a contract for building two frigates for the Philippines navy five years ago.

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"The Department of National Defense signed a contract agreement with Hyundai Heavy Industries (HHI) for the acquisition of two (2) brand new corvettes worth PHP 28 Billion for the Philippine Navy in a virtual signing ceremony," the department tweeted.

Manila has been actively trying to bolster its navy in order to counter the territorial ambitions of China in the South China Sea, which has put Beijing at odds with Vietnam, Brunei, Malaysia and the Philippines. (ANI/Sputnik)

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(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)