Author Topic: Philippine Airlines to Buy 100 New Planes  (Read 501 times)

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Philippine Airlines to Buy 100 New Planes
« on: April 28, 2012, 01:40:06 PM »
By CLARISSA BATINO and CECILIA YAP

MANILA, Philippines — Philippine Airlines Inc. plans to order at least 100 new planes, resume flights to Europe and bolster US services after selling a stake to San Miguel Corp.

The carrier’s two main owners will provide $1 billion to help fund the fleet plan, Ramon Ang, president of the airline and of San Miguel, said in an interview in Manila yesterday. San Miguel will inject $750 million in PAL and affiliate Air Philippines Corp., including a $500 million stake purchase, while billionaire Lucio Tan will deliver the rest, he said.

“PAL will institute more improvement, offer a better service and fly newer planes,” said Ang, who’s a qualified pilot. “PAL is a good company – despite the problems, it’s always been above water.”

The carrier wants to join a global alliance, Ang said, to spread its international reach and to help compete with Singapore Airlines Ltd. and Emirates Airline on long-haul routes. San Miguel may also build an airport near Manila to help the airline improve services and to extend its own push away from a traditional focus on food and beverages, Ang said.

The 100 new planes, including single-aisle and twin-aisle models, will be divided across PAL and Air Philippines. Ang didn’t say how many aircraft the carriers would retire. The group will do more business with Boeing Co. than previously, he said, without elaboration.

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