Defining the News
Manila, Philippines—Philippine carrier Cebu Pacific said Tuesday it will buy up to 152 Airbus planes worth $24 billion in a deal it described as the “largest aircraft order” in the country’s aviation history.
The company said it had signed a binding memorandum of understanding with Airbus that covered “firm orders” for up to 102 A321neo aircraft and purchase rights for 50 A320neo.Cebu Pacific said it would use Pratt & Whitney engines for the planes despite previously reporting problems with the firm’s engines that had forced the airline to ground at least 10 planes.
The International Air Transport Association said nearly five billion passengers were expected to fly in 2024 and revenues would near $1 trillion. Their total expenses are also expected to hit a record high this year, climbing 9.4 percent to $936 billion, IATA said.
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