Philippines says it will acquire U.S. Typhon missile system, sparking warnings from China [CBS News]
Lockheed Martin Corporation (LMT)
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Source: CBS News
The U.S. Army deployed the mid-range missile system in the northern Philippines earlier this year for annual joint military exercises with its longtime ally and decided to leave it there despite criticism by Beijing that it was destabilizing to Asia. Philippine Army Chief Lieutenant-General Roy Galido told a news conference on Monday that the missile system would be "acquired because we see its feasibility and its functionality in our concept of archipelagic defense implementation." "I'm happy to report to our fellow countrymen that your army is developing this capability for the interest of protecting our sovereignty," he said, adding that the total cost of the acquisition would depend on "economics." The presence of the U.S. missile launcher had angered Beijing, whose navy and coast guard forces have engaged in escalating confrontations in recent months with the Philippines over disputed reefs and waters in the South China Sea. Beijing claims almost the entire South China S
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