PAL president and chief operating officer Jaime Bautista has stated that the airline plans on spending $280 million to finance five new A321s. $250 million is for the acquisition of the five aircraft and another $30 million is for spare parts.
PAL is scheduled to take the delivery of five A321 aircraft this year, one of which has already been delivered and another one is scheduled to arrive before the end of the month. These are being financed through sale-leaseback. PAL is also scheduled to take the delivery of two A321 aircraft next month and another one in May, for which negotiations are currently underway for the finance lease of the aircraft.
“We will borrow money from financial institutions. The financing for the five aircraft is almost done,” Bautista said.
PAL is also preparing its long term fleet plan and is considering the 787 and the A350 to replace its fleet of A340-300 over the next five years.