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DALLAS — Cebu Pacific (5J), the Philippines' leading low-cost carrier (LCC), has signed a historic agreement with Airbus, marking a significant milestone in Philippine aviation history.
The binding Memorandum of Understanding (MOU) paves the way for 5J to acquire up to 152 A321neo aircraft, valued at a staggering USD 24 billion (PHP 1.4 trillion) based on list prices.
The agreement includes firm orders for up to 102 A321neos, along with purchase rights for an additional 50 A320neo family aircraft.
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Largest Aircraft Order in the Philippines
This record-breaking deal surpasses all previous aircraft orders in the Philippines. 5J has opted for Pratt & Whitney GTF engines to power these next-generation A321neo aircraft.
Moreover, this MOU offers maximum flexibility to the LCC, allowing it to adapt its fleet growth based on evolving market conditions and choose between the A321neo and A320neo models to best suit its needs.
"The order is designed to provide Cebu Pacific with maximum flexibility to adapt fleet growth to market conditions, with the ability to switch between the A321neo and A320neo. When finalized, the deal will be a significant milestone for the local airline industry and a testament to CEB's unwavering commitment to support the Philippine growth story,” said Cebu Pacific’s Chief Executive Officer Michael Szucs.
The purchase agreement to finalize this historic transaction is expected to be completed by the third quarter of 2024.
Featured Image: Airbus
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