Philippine airline to buy 152 Airbus planes worth $24 billion

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 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," Cebu Pacific chief executive Michael Szucs said in a statement.

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.

The order was worth $24 billion based on list prices, the company said.

Cebu Pacific added that 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.

"When finalised, the deal will be a significant milestone for the local airline industry," Szucs said.

The transaction would be finalised in the third quarter of the year, according to the statement.