Philippine Airlines buys 10 Airbus jets at $2.5B

Associated Press

MANILA, Philippines (AP) — Flag carrier Philippine Airlines says it is buying 10 new wide-bodied jets from Airbus at $2.5 billion, bringing its total deal with the aircraft manufacturer close to $10 billion.

PAL President Ramon Ang said Friday the purchase agreement signed two weeks ago was on top of the order for 54 Airbus jets signed last month.

The new A330 jets are for medium haul routes to replace PAL's current fleet for lower fuel and maintenance costs. Ten Airbus planes are expected to be delivered by next year.

Ang says PAL is in talks with manufacturers including Airbus and Boeing Co. for the purchase of 35 more planes.

PAL plans to buy 100 new jets in five to seven years to refleet and reclaim market dominance from rival Cebu Pacific.