I have no idea how much was paid for the former Hamilton. The point I was trying to make was that with a bit more investment, a new OPV or light frigate could be ordered - it will definitely cost more than the Hamilion but will have a longer service span being newly built. In addition to being smaller than the 3,000 tonne Hamiliton [which would lead to cheaper operating costs], a newly built OPV or light frigate will be less matainence intensive and will require a smaller crew. I'm sure the Hamilton is in good shape, but it entered service in 1967 so will probably be harder and expensive to support as the years go by.
All in all, the entry of the former Hamilton into service improves the PN's capability to monitor it's waters.
Agreed over all.
However, one thing that the Hamilton has over a new-build is time-to-deploy. Based on pronouncements from the AFP, this appears to be a key consideration in its selection. The USCG will perform a hot transfer of the ship, so it will not have to go through a re-activation process the way it would have had the Philippines acquired a boat from the bone yard.
Expense will be a function of operating tempo and labor costs. Labor in the Philippines is comparatively cheap. So expenses, for example, related to drydock labor won't be as "painful" as it would be in the US. The prevalence of shipyards throughout the country pretty much ensures that qualified labor is plentiful.
With regard to operating tempo. It is unlikely that the PN will take the Hamilton on missions that reach all the way to the Bering Straits. In fact, the published rationale for its acquisition means that its principal operating area will actually only be a few hundred kilometers off shore. The Hamilton's ability to stay on station, and ability to conduct air operations, will be its principal assets. Its speed with its gas turbines, while beneficial, arguably won't be as important as the economy of its diesels.
That being said, the Philippine Navy is indeed reportedly looking at new-build OPVs. The Hamilton is just a jump-start.
In 2011, there will be five brand new, built-in-the-Philippines, assets that will join the fleet. It'll be an interesting year for the PN.