Philippine Airlines To Buy Boeing 747s

Philippine Airlines Inc. plans a $2.6 billion modernization that will refurbish its fleet by the year 2000, including the purchase of more Boeing 747-400s, a senior official of the carrier says.

The official, who spoke Wednesday on condition he not be identified, said the plan was finalized during a special board meeting last Friday when a compromise agreement was struck between feuding shareholders that would pave the way for the airline to sell more stock and secure financing to buy new planes.

“Our plan is to replace old fleet and expand a little,” the official said. He said PAL will purchase 37 new aircraft, including nine Boeing 747-400s jumbo jets, and the rest from the Airbus European consortium.

The planes will replace most of the airline’s existing 47-airplane fleet of older Boeings and Airbuses.