On December 6, 2006, PAL signed an agreement with Boeing for two Boeing 777-300ER aircraft, with a purchase agreement for two more aircraft. A separate agreement to lease two additional 777-300ERs from General Electric Capital Aviation Services (GECAS) was signed as well. Delivery of the four 777-300ERs will commence in 2009. In May 2007, PAL exercised its rights to purchase an additional two 777-300ERs for delivery in 2011. However, the recent downgrading of the Philippines' air safety standards by the FAA may delay the deliveries of the new aircraft, as conceded by PAL management. The first 777-300ER is now schedule for November 2009.The second is due January 2010. Those planes are leased. The four 777 purchased will be delivered 2012 and 2013. The 777 will have 42 business seats and 328 economy seats. Slightly less that the 747 capacity.
Vice President for Financing Cesar Chong said the first aircraft is scheduled for delivery in November while the second one is due to arrive in January.
Delivery of the two leased aircraft had been delayed due to Boeing's labor problems, he said.
In a news briefing, Chong said the airline also working to acquire another four Boeing 777-300ERs for delivery between June 2012 and November 2013.
By that time, PAL is hoping airline safety standards in the Philippines would have improved, to enable the company to expand its service routes, Chong said.
A few years ago, the US Federal Aviation Authority downgraded the country's air travel safety to Category 2 from Category 1 after it failed to comply with the required aviation standards as prescribed by the International Civil Aviation Organization.
Chong added that the US Export-Import Bank has committed to provide financing assistance for the acquisition.
One jet is estimated to cost around $250 million. (Dow Jones, EVA reports)
Monday, September 14, 2009
DTN News: Airlines News TODAY September 14, 2009 ~ PAL Boosts Fleet With 2 Leased Boeing Jets
DTN News: Airlines News TODAY September 14, 2009 ~ PAL Boosts Fleet With 2 Leased Boeing Jets
*Source: DTN News / Int'l Media
(NSI News Source Info) MANILA, Philippine - September 14, 2009: Philippine Airlines Inc. (PAL), the country's largest airline by fleet and revenue, said Friday it expects to take delivery of two leased Boeing 777-300ERs from November. On December 6, 2006, PAL signed an agreement with Boeing for two Boeing 777-300ER aircraft, with a purchase agreement for two more aircraft. A separate agreement to lease two additional 777-300ERs from General Electric Capital Aviation Services (GECAS) was signed as well. Delivery of the four 777-300ERs will commence in 2009. In May 2007, PAL exercised its rights to purchase an additional two 777-300ERs for delivery in 2011. However, the recent downgrading of the Philippines' air safety standards by the FAA may delay the deliveries of the new aircraft, as conceded by PAL management. The first 777-300ER is now schedule for November 2009.The second is due January 2010. Those planes are leased. The four 777 purchased will be delivered 2012 and 2013. The 777 will have 42 business seats and 328 economy seats. Slightly less that the 747 capacity.
Vice President for Financing Cesar Chong said the first aircraft is scheduled for delivery in November while the second one is due to arrive in January.
Delivery of the two leased aircraft had been delayed due to Boeing's labor problems, he said.
In a news briefing, Chong said the airline also working to acquire another four Boeing 777-300ERs for delivery between June 2012 and November 2013.
By that time, PAL is hoping airline safety standards in the Philippines would have improved, to enable the company to expand its service routes, Chong said.
A few years ago, the US Federal Aviation Authority downgraded the country's air travel safety to Category 2 from Category 1 after it failed to comply with the required aviation standards as prescribed by the International Civil Aviation Organization.
Chong added that the US Export-Import Bank has committed to provide financing assistance for the acquisition.
One jet is estimated to cost around $250 million. (Dow Jones, EVA reports)
On December 6, 2006, PAL signed an agreement with Boeing for two Boeing 777-300ER aircraft, with a purchase agreement for two more aircraft. A separate agreement to lease two additional 777-300ERs from General Electric Capital Aviation Services (GECAS) was signed as well. Delivery of the four 777-300ERs will commence in 2009. In May 2007, PAL exercised its rights to purchase an additional two 777-300ERs for delivery in 2011. However, the recent downgrading of the Philippines' air safety standards by the FAA may delay the deliveries of the new aircraft, as conceded by PAL management. The first 777-300ER is now schedule for November 2009.The second is due January 2010. Those planes are leased. The four 777 purchased will be delivered 2012 and 2013. The 777 will have 42 business seats and 328 economy seats. Slightly less that the 747 capacity.
Vice President for Financing Cesar Chong said the first aircraft is scheduled for delivery in November while the second one is due to arrive in January.
Delivery of the two leased aircraft had been delayed due to Boeing's labor problems, he said.
In a news briefing, Chong said the airline also working to acquire another four Boeing 777-300ERs for delivery between June 2012 and November 2013.
By that time, PAL is hoping airline safety standards in the Philippines would have improved, to enable the company to expand its service routes, Chong said.
A few years ago, the US Federal Aviation Authority downgraded the country's air travel safety to Category 2 from Category 1 after it failed to comply with the required aviation standards as prescribed by the International Civil Aviation Organization.
Chong added that the US Export-Import Bank has committed to provide financing assistance for the acquisition.
One jet is estimated to cost around $250 million. (Dow Jones, EVA reports)
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