Two US-made F-16 V jet fighters are seen on the run way at an air force base in Chiayi county on March 25, 2023. (Photo by SAM YEH/AFP via Getty Images)
SINGAPORE — Taiwan’s budget agency has announced a proposed 18 percent increase in its defense budget for 2027 as the self-governing island continues efforts to deter a potential invasion from China.
The Directorate General of Budget, Accounting and Statistics (DGBAS) of Taiwan’s cabinet released its budget statement for the coming fiscal year on Thursday, with 1.123 trillion Taiwan dollars (about $35.3 billion) set to go to defense.
This figure is the highest amount Taiwan and spent on defense and equates to 3.01 percent of the island’s projected Gross Domestic Product for the 2026 fiscal year, which runs from Jan. 1 to Dec. 31. Taiwan’s defense ministry could get $691.9 billion NT of the approved defense budget for its ongoing operations and upkeep while a further $218.2 billion NT will be allocated for a special budgets for the acquisition of weapons.
Earlier this week Taiwanese President Lai Ching-te said the expected jump in defense spending “demonstrates Taiwan’s determination to strengthen its self-defence capabilities.”
