Philippine Airlines Postpones Jet Orders

Philippine Airlines has indefinitely postponed orders for nine aircraft, including six Boeing 747-400s, and plans to reduce flights worldwide due to heavy financial losses caused by Asia’s currency crunch, a company official said Tuesday.

Jaime Bautista, airline vice president and chief finance officer, said PAL already has returned two leased Boeing 747s and will terminate the leases on eight other aircraft.

Bautista said the airline has decided to defer orders for the six 747-400s from Seattle-based Boeing Co., which were scheduled to be delivered between this year and 2001. Orders for three aircraft from France’s Airbus Industrie have also been shelved, he said.