Philippine Airlines is scheduled to take delivery of two new Boeing 777-300ER aircraft this year.
The Philippine carrier said in the fourth quarter of 2011 that capital expenditures for fiscal year ending March 2012 will be funded by a loan from a European bank. Philippine Airlines was expected to drawdown on the facility extended by Credit Suisse for an additional $60 million by year-end.
The carrier took delivery of two new Airbus A320s from CIT Group and GECAS for sublease to Airphil Express in the second half of last year. Another three A320s were added from GECAS in January.
Both 777-300ERs are from a 2007 aircraft order for a total of four 777s. The remaining two aircraft are expected to join the Philippine Airlines' fleet in 2013.