Ben Madilynn
PHILIPPINE carrier Cebu Pacific is set to acquire 152 airbus planes worth $24 billion or around P1.4 trillion, the largest aircraft order in Philippine aviation history.
In a statement, Cebu Pacific Air Inc. said that it signed a memorandum of understanding with Airbus, which covers firm orders for up to 102 A321neo, and 50 A320neo Family purchase rights.
“The order is designed to provide Cebu Pacific with maximum flexibility to adapt fleet growth to market conditions, with the ability to switch between the A321neo and A320neo,” Cebu Pacific chief executive officer Michael Szucs said.
“When finalized, the deal will be a significant milestone for the local airline industry and a testament to CEB’s unwavering commitment to support the Philippine growth story,” he added.
The transaction is expected to be completed in the third quarter of the year.
Meanwhile, during the firm’s officials’ courtesy call in Malacañang, Marcos expressed elation over the multi-billion dollar worth aircraft purchase, which “is a very good sign” for the Philippine economy.
“It gives us a great deal of encouragement that if we get it right, we can actually get something done and make the transformation of our economy. Make it happen,” the President said.
Szucs expressed the company’s “confidence in the direction the country is going.”
The firm has selected Pratt & Whitney GTF engines to power the aircraft. (TPM/SunStar Philippines)
