The Market Monitor Minding the Nation's Business
Philippine Airlines (PAL) will receive additional long-range aircraft by the end of this year, enabling the flag carrier to beef up passenger capacity.
During a recent stockholders’ meeting, PAL Holdings Inc. president Lucio Tan III, revealed they would start taking deliveries of Airbus A350-1000 units in the latter part of this year.
The flag carrier sealed the order for nine jets in 2023.
It was looking at deploying more aircraft for long-haul services from Manila to the East Coast of the United States (US) and Canada. The airline’s US network covers Seattle, Los Angeles, San Francisco, New York, Honolulu and Guam.
Each plane can accommodate 380 passengers with separate cabins for business class, premium economy and economy class. One can fly for 18,000 kilometers nonstop.
In addition, PAL expects to receive 13 units of A321 NEO (new engine option) regional jets starting 2026.
Tan said they were also retrofitting some of the airline’s aircraft. This involves the installation of new seats, enhanced Wi-Fi and modern in-flight entertainment systems.
To augment its fleet, PAL inked a five-year leasing agreement with European company Wamos Air for two jets in 2024.
PAL currently operates 79 aircraft in its fleet, below the pre-pandemic count of 91 jets.
As the company lined up aircraft purchases, it welcomed a new investor to beef up its coffers.
Earlier, PAL Holdings disclosed that Cayman Island-based Oasis Investments II Master Fund Ltd. has acquired 1.55 billion shares in the company, representing a 5.76-percent stake.
The transaction amounted to $41.22 million. Proceeds from this will go to “long-term strategic investments,”
In the first quarter of 2025, PAL Holdings grew its net income by 20 percent to P4.33 billion. This was thanks to total revenues rising by 2.5 percent to P46.9 billion.
Passenger volume rose by 5 percent to 4.1 million.
The flag carrier strengthened its domestic network with the launch of Manila-Cauayan and Cebu-Catarman flights in the first quarter.
It has started operating nonstop flight between Cebu and Ho Chi Minh City in Vietnam.