Philippine Airlines Plans Fleet Expansion After Record Profits

Philippine Airlines, owned by billionaire Lucio Tan, has announced its plans for fleet expansion following a successful year with record profits in 2023. The company's net profit surged by 92% to $379 million, driven by the resurgence of air travel. This remarkable growth has enabled the airline to invest in nine A350-1000 long-haul aircraft from Airbus, valued at $3.2 billion, which will bolster its operations within North America and other key destinations. PAL president and chief operating officer, Stanley Ng, emphasized the importance of upholding their achievements by introducing new aircraft, revamping existing cabins, enhancing airport lounges, and launching product innovations. Additionally, the airline has resumed flights to over 10 domestic destinations and initiated new routes to meet escalating demand in significant markets such as Australia. With a current fleet of 78 aircraft servicing 33 domestic and 39 international routes across Asia, North America, and the Middle East, PAL remains a vital player in the aviation industry. This outstanding performance follows PAL's recovery from significant downsizing and debt restructuring in 2021, a turnaround that has solidified its position in the market under Tan's leadership.