MANILA -- Cebu Pacific said Monday it finalized an order of 16 Airbus A330neo jets worth $4.8 billion (P242.4 billion), as the Philippines' largest airline shifts its fleet to more fuel-efficient aircraft.
The 16 A330neo jets will be delivered between 2021 to 2024. The new aircraft will have 460 seats each, 5 percent more than the A330ceo that it will replace. They consume 25 percent less fuel compared to older generations, Cebu Pacific said.
Cebu Pacific said the new planes would be used on local and Asian routes as well as long-haul flights to the Middle East and Australia.
"The A330neo is integral to our fleet modernization program. With this purchase, we aim to reduce our fuel emission and build a more sustainable operation," said Lance Gokongwei, President and CEO of Cebu Pacific.
"This will also give us the lowest cost per seat, at the same time enabling CEB to increase seat capacity and maximize valuable airport slots in Manila and other Asian mega cities,” he said.
The purchase agreement between Cebu Pacific and Airbus is part of a Memorandum of Understanding that was signed during the Paris Air Show last June for an order of as many as 31 aircraft.
Year-to-date, Cebu Pacific said it accepted delivery of 8 brand new aircraft, bringing its fleet to 74. Two more Airbus A321neo will be delivered before the year ends.
Cebu Pacific has one of the youngest fleets in the world, with an average age of 5 years.