Flag-carrier Philippine Airlines signed a $7-billion deal on Tuesday to buy 54 Airbus jets as part of an ambitious plan to overhaul its fleet to meet higher demands for transporting passengers and cargo in Asia, the Middle East and Australia, airline officials said.
Jean-Francois Laval, center, Senior Vice President for Sales Asia of Airbus, Lucio Tan, left, Chairman and CEO of Philippine Airlines, and Ramon S. Ang, President and COO of Philippine Airlines attend a news conference Tuesday Aug. 28, 2012 in Manila, Philippines. Flag-carrier Philippine Airlines says it has signed a $7 billion deal to buy 54 Airbus jets as part of an ambitious plan to overhaul its fleet to meet higher demands for transporting passengers and cargo in Asia, the Middle East and Australia. (AP Photo/Bullit Marquez)
Jean-Francois Laval, center, senior vice president for sales asia of Airbus, Lucio Tan, left, chairman and CEO of Philippine Airlines, and Ramon S. Ang, president and COO of Philippine Airlines hold an Airbus A321 model aircraft in a news conference Tuesday Aug. 28, 2012 in Manila, Philippines. Flag-carrier Philippine Airlines says it has signed a $7 billion deal to buy 54 Airbus jets as part of an ambitious plan to overhaul its fleet to meet higher demands for transporting passengers and cargo in Asia, the Middle East and Australia. (AP Photo/Bullit Marquez)
Dr. Lucio Tan, Chairman and CEO of Philippine Airlines, flashes the thumbs up sign following the announcement in a news conference Tuesday Aug. 28, 2012 in Manila, Philippines, of the signing of a US$7-Billion deal to buy 54 Airbus planes. The firm order of A321s and A330-300s Airbus aircrafts will see the first batch of airline delivery starting in 2013 and with the arrival of the NEO (New Engine Option) by 2015. (AP Photo/Bullit Marquez)
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PAL President Ramon Ang said the first batch of about a dozen wide-body A330-300s and A321s would be delivered in January while the rest of the aircraft would be put in service in the next three years.
The acquisition will more than double the airline’s passenger and cargo handling capacity and signals an expansion phase after Philippine food and beer conglomerate San Miguel Corp. acquired major stakes in PAL and its affiliate budget carrier Air Philippines Corp. earlier this year.
