South Korea launches Philippines' new offshore patrol vessel BRP Rajah Lakandula

South Korea’s HD Hyundai Heavy Industries launched the Philippine Navy’s second Rajah Sulayman-class offshore patrol vessel, BRP Rajah Lakandula (PS-21), on Nov. 20, 2025 as part of a six-ship program valued at roughly $573 million (delivery 2025–2028) that will expand the Offshore Patrol Force from 11 to 17 ships and replace older vessels. The 2,400-ton, 94m HDP-2200+ design is configured for 30-day endurance, a ~5,500 nm patrol range, a 76mm naval gun plus remote 30mm systems, flight deck/hangar capacity and modular mission bays; three ships will receive GeoSpectrum/Elbit TRAPS towed-array sonars under a separate ~2.4 billion peso (~$41m) acquisition to provide initial ASW capability. The program deepens Philippines–South Korea defense-industrial ties (Hyundai already operates in Subic Bay), enhances Manila’s maritime reach in contested areas such as the South China Sea and Luzon Strait, and dovetails with a broader Philippine plan to invest about 2 trillion pesos (~$35 billion) in military and industrial modernization over the next decade.

Analysis

South Korea’s HD Hyundai Heavy Industries launched the Philippine Navy’s second Rajah Sulayman-class offshore patrol vessel, BRP Rajah Lakandula (PS-21), at its Ulsan yard on November 20, 2025; the ship is the second of a six-vessel program contracted for roughly $573 million on June 27, 2022 with deliveries scheduled through 2028 and will expand the Offshore Patrol Force from 11 to 17 ships. The class is based on the HDP-2200+ design (about 2,400–2,450 tonnes, 94.4m length), offers ~5,500 nm range and up to 30 days endurance, and is armed with a Leonardo OTO Melara 76 mm gun, two Aselsan SMASH 30 mm systems and a Hanwha combat management system integrated with SPS-732 and Sharpeye Mk.11 sensors. Three of the six vessels will receive GeoSpectrum/Elbit TRAPS towed-array sonars under a separate 2.40 billion peso (~$41m) procurement on top of the ~30 billion peso construction element, providing an initial anti-submarine capability and modular upgrade path. The program deepens Philippines–South Korea defense-industrial ties (Hyundai’s Subic Bay hub), aligns with Manila’s ~2 trillion peso (~$35bn) planned defense-industrial investment over the next decade, and creates multi-year sustainment, sensor and systems-integration opportunities; sentiment is moderately positive with modest market impact (score 0.28) and per-ticker signal showing ESLT positive (0.35) while DRS is neutral (0.0).

Key Decisions for Investors

• Consider selective exposure to suppliers of ship combat systems, sensors and sonars referenced in the program (Hanwha, Leonardo-related systems, GeoSpectrum/Elbit and other integrators) given multi-year build and follow-on sustainment opportunities
• Monitor milestone-driven catalysts such as the first-of-class delivery and sea trials expected in early 2026 and subsequent PS-21/PS-20 handovers, and reassess positions on missed/accelerated schedules
• Watch the separate 2.40 billion peso TRAPS procurement and any further modular ASW acquisitions as near-term revenue uplifts for sonar suppliers and integrators, noting ESLT shows a modest positive signal while DRS is neutral
• Factor in geopolitical risk in the South China Sea that could accelerate regional naval procurement and sustainment demand, and consider position sizing or hedges to protect against program delays or budget variability