Cebu Pacific buys 37 new Airbus jets-A A +A
Thursday, June 16, 2011
MANILA -- Budget airline Cebu Air Inc. said it is buying 37 new Airbus planes for $3.8 billion in the largest single aircraft order ever made by a Philippine airline.
President Lance Gokongwei of Cebu Pacific said Thursday the new order includes 30 new Airbus A321s and seven A320s.
The airline currently operates a fleet of 25 Airbus and eight ATR 72-500 aircraft, the youngest fleet in the country.
Cebu Pacific flew more passengers than the country's flag carrier Philippine Airlines and holds half of the domestic market.
It held a successful initial public offering in the Philippine stock market last year, which was the biggest ever for a low cost carrier. (AP)