From this :
President Mulls Buying New Jets | The Manila Bulletin Newspaper Online
Seems the Philipines President finaly realise that acquiring F-16 even with similar grant scheme that US give Indonesia is not a 'cheap' business. The administarations finaly realise that the price of upgrading the F-16 will fall up to USD 800 mio (that the price that Indonesia has to preapared), to make those 'used' F-16 still a capable Aircraft up to 2020+ environment.
From what I read on previous info, the PAF brass never intended for F-16. The F-16 only come out as alternative by Philipine President that 'seems' demand Philipines got the same 'grant' scheme that Indonesia got from US, without realising the prices that have to be prepared to upgrade the F-16.
Anyway, from this interview, Philipines seems prepared to get two sq for USD 800 mio. Indonesia got USD 400 mio deal for 1 sq of TA-50. I tend to believe the Philipine President aimed for similar deal with ROK for TA-50.
USD 800 mio can get 2 sq of TA-50, and since this is a LIFT/Light Fighters catagory, the other 'additional' Investment that PAF need to prepared for soft and hard Infrastructure supporting TA-50 operations can be 'less' expensive than preparing the Infrastructures for F-16. At least that's based on TNI-AU experiences.
Flankers ? well TNI-AU has to perpared twice the costs for operating Flankers than F-16. I believe the PAF brass know from beginning this kind of Investment needed for operating Fast Jets, and opted for LIFT/Light Fighters type. The civilian politicians side tracking that, but seems finaly realise the error.
Democracy tend to let some civilian politicians which do not know anything on operating an Armed Force to side tracked the procurement process of Armed Forces including Air Force. Why then just let the professional decide it, and those politicians only have to monitored the process.
But then, that's when you got 'honest politicians' and honesty is a rare thing in politics anywhere
.