Cebu Pacific signs deal for 2 Airbus planes


Posted at Jul 15 2011 05:00 PM | Updated as of Jul 16 2011 01:02 AM

MANILA, Philippines - Budget carrier Cebu Pacific has signed six-year operating lease agreements with Dublin-based RBS Aviation Capital for two new Airbus A320 aircraft.

The planes will be delivered in March 2012, the company said in a statement.

Last month, Cebu Pacific ordered 30 new A321neos and seven A320 from Airbus for $3.8 billion, to be delivered between 2015 and 2021. The order was on top of 27 A320 aircraft purchases that will arrive from September 2011 until 2016.

"These two leased A320 aircraft will further increase our fleet size, allowing us to offer lower fares and even more routes, destinations and flights to our guests," said Cebu Pacific president and CEO Lance Gokongwei.

Cebu Pacific, a unit of conglomerate JG Summit Holdings Inc., is seeking to more than double its fleet over the next 10 years as it sees the strength of Asian economies supporting growth of low-cost carriers in the region.

The airline flies to 34 domestic and 16 international destinations, including Osaka, Seoul, Beijing, Jakarta, Bangkok, Hong Kong and Singapore.

This year, it is targeting to carry more than 12 million passengers. - With a report from Reuters