DAVAO CITY - Presumptive president Rodrigo Duterte said on Sunday he will be selling the presidential yacht, BRP Ang Pangulo.

Speaking to reporters, Duterte said proceeds from the sale of the yacht will go to war veterans, improvement of hospital facilities, and salaries for doctors so they would not have to leave the country for higher-paying jobs.

According to the Palace website, after President Cory Aquino took over in 1986, she put up the BRP Ang Pangulo "for sale for US$5.5 million, but it was not sold." She had "tried to do away with all the lavishness and extravagance" of the Marcos administration, noting that it was "costing the government P400,000 a month simply to maintain" the presidential yacht.

When President Estrada assumed office in 1998, the BRP Ang Pangulo was "extensively furnished." Malacanang said, "The ship served as a venue for presidential events and as a mobile office for the president," such as during Estrada's trips to Mindanao.

In 2006, the BRP Ang Pangulo caught fire while it was undergoing repairs. After refurbishing and repair, President Arroyo renamed the yacht BRP Pag-Asa.

President Benigno Aquino restored the name of presidential yacht to BRP Ang Pangulo. He also ordered that the ship "augment the capabilities of the Philippine Navy."

Here are the specifications of the Presidential Yacht:

Name: Ang Pangulo
Type: Motor Yacht
Model: Custom
Builder: IHI Group
Year: 1959
Flag: Philippines

Dimensions
Length Overall: 77.33 m
Beam: 13 M
Draft (max): 6.40 m
Gross Tonnage: 2200 tons
Accommodations
Guests: 44
Crew: 81

Construction
Hull Configuration: Displacement
Hull Material: Steel
Superstructure: Steel

Engine
Quantity: 2
Manufacturer: Mitsui B&W
Model: DE642/VBF75
Power: 2,500 hp/1,840 kW
Total Power: 5,000 hp/3,680 kW
Propulsion: Twin Screw

Performance and Capabilities
Max Speed: 18.0 kts
Cruising Speed: 15.0 kts
Range: 6,900 nm at 15 kts
Fuel Capacity: 372,000 L/81,828.53 USG

Duterte made the announcement after meeting former police chiefs of Davao City Police Office at the Hotel Elena in Davao City on Sunday.

The meeting came before Duterte starts receiving well-wishers, including foreign dignitaries and members of the diplomatic corps, in Davao City on Monday.

READ: Foreign envoys to call on Duterte in Davao