Korea Aerospace Industries (KAI) valued the deal with the Department of National Defense at $700 million, with delivery of the jets to be completed by 2030.

The Philippines, which has yet to confirm the pact, previously purchased a dozen of the light warplanes in 2014.

In a statement, the South Korean firm said the fighter jets would feature enhanced capabilities including "aerial refueling for extended range, (Active Electronically Scanned Array) radar, and advanced air-to-air and air-to-ground weapons systems".

One of the Philippines' original fleet of FA-50s went missing on March 4 while on a mission to provide air support for troops fighting guerrillas in a mountainous area of the southern island of Mindanao.

Rescuers found the wreckage of the plane and the bodies of two crewmen a day later.

After temporarily grounding the fleet, the Philippine Air Force ruled out any mechanical problems with the aircraft.

Air Force spokeswoman Maria Consuelo Castillo told a press conference in April that a confluence of factors had contributed to the crash, including mountainous terrain and visibility issues.

Castillo said in March that the purchase of additional FA-50s was under consideration by the defence department.