The Armed Forces of the Philippines (AFP) Modernization Act also known as Republic Act No. 7898 was first made into law on February 23, 1995, under the leadership of President Fidel V. Ramos. It was aimed to modernize all branches of the AFP such as the Philippine Air Force, Philippine Navy and the Philippine Army. The law was intended to last for 15 years with an initial budget of 50 billion pesos for the first five years, but the funding was stopped due to the 1997 Asian financial crisis. After the financial crisis, the funding for the AFP modernization was halted and later neglected by successive administrations until the law expired in 2010.