Philippine LCC Cebu Pacific to buy up to 152 jets worth $24bn

MANILA -- Philippine budget airline Cebu Pacific is set to buy up to 152 Airbus jets for $24 billion to expand its fleet and meet recovering demand for flights.

Cebu Pacific said Tuesday it has signed a memorandum for the purchase order, which will be completed in the third quarter of this year. Cebu Pacific CEO Michael Szucs said in a statement that the purchase rights on the order of 102 A321neo and 50 A320neo family will give the company "maximum flexibility" to grow its fleet in line with market conditions.