Philippine Airlines to Order "Several Dozen" Airbus Planes -Sources

   By Cris Larano 
 

MANILA--Philippine Airlines Inc. is set to place an order for "several dozen" Airbus (ABI.YY) jets next week, the single biggest order to be made by the country's largest full-service carrier, people familiar with the deal said Friday.

They said that top executives of PAL, as the airline is more popularly known, and the European aircraft manufacturer will meet with members of the media next week to discuss the details of the transaction. "The deal will involve new orders for fleet expansion," one of the people said.

It isn't clear yet what type of Airbus jets PAL will order.

Currently, PAL has a fleet of eight aircraft from Boeing Co.--three 777-300ERs and five 747-400s--and 31 Airbus jets comprising four A340-300s, eight A330-300s, 15 A320-200s, and four A319s.

PAL President Ramon Ang earlier this year announced plans to buy 100 new aircraft over the next five to seven years to update PAL's fleet.

The airline is currently awaiting the delivery of three more Boeing 777-300ERs.

Listed PAL Holdings Inc. (PAL.PH), the controlling shareholder of PAL, said in June its board had approved a capital increase that would allow it to issue new shares to raise 17 billion Philippine pesos ($403 million) to help bankroll the refleeting program.

Write to Cris Larano at [e-mail]

Subscribe to WSJ: http://online.wsj.com?mod=djnwires