PAL on $800-M binge
Bilyonaryo Lucio Tan’s Philippine Airlines has earmarked up to $800 million in capital outlay this year–with six new aircraft in its shopping list.
PAL president and chief operating officer Jaime Bautista said: “We are taking delivery of six more airplanes this year—two Boeing 777-300 ER and four Airbus 321.”
PAL has signed a deal with Airbus to acquire six A350-900 jets worth $1.8 billion, with an option to buy six more to support its long-haul operations.
PAL plans to deploy the A350 XWB, which seats more than 300, on new routes to North America and Europe. The first A350 is scheduled to be delivered in 2018.
Bautista said the company expects combined domestic and international passenger traffic to reach 14 millionthis year, higher than the 12 million passengers it carried last year.