A wise choice for cash-strapped Philippines.  No match for the SU-27, obviously, but not quite a sitting duck either.  The reality for the Philippines is they need something cheap, reliable and easy to maintain.  The F-404 is probably the best jet engine one can find in the performance to reliability rating scale.  At $49 Million a copy with spares and support, the TA-50 is a bargain.

F-5's aren't expensive to maintain - they're widely available in the used market for a song. The problem is that it's hard to get bribes for procuring used airplanes for next to nothing - there's no percentage in it. Vietnam has about half the GDP, and a fleet of 200 jet fighters.