Philippine Airlines to mandate this week

This story is sourced from

Philippine Airlines (PAL) is expected to mandate financing on two Boeing widebody aircraft this week, according to a financier.

The carrier has received US Export Import Bank approval for two Boeing 777-300ER aircraft scheduled for delivery this year.

The first aircraft is expected in April, the second in November.

The 777-300ERs are part of an order for four 777s, placed in 2007. The first two aircraft joined Philippine Airlines' fleet in 2012 and were financed under a 12-year US Export Import Bank financing arranged by Private Export Funding (PEFCO). Nippon Export and Investment Insurance co-financed the deliveries.

Last September the Manila-based airline exercised options to buy 10 Airbus A330-300 aircraft with deliveries planned in 2013-2014. The order followed a 54 Airbus aircraft order placed in August 2012 comprising 34 A321s, 10 A321neos and 10 A330-300s.