Airbus secures $7 billion Philippine Air order

  • Airbus has secured a $7 billion order from Philippine Airlines, beating rival Boeing.

    The flag carrier plans to buy up to 100 new jets in total within the next five to seven years as it restructures operations to become a low-cost carrier and regain local market share from competitor Cebu Air.

    The purchases will bring its fleet to around 140 planes compared Cebu's 38-strong fleet, which it plans to double.

    Philippine Airlines has ordered 10 long-haul A330-300s and 44 jets from the A321 family, with delivery starting in 2013.

    It will pay Airbus in cash, with part of the money to come from bank loans.