Philippine Air nears deal to acquire Airbus A350s - sources

Philippine Airlines is close to announcing a deal to secure about half a dozen wide-body Airbus jets to serve US and Europe long-haul flights, several people familiar with the matter said. The deal for Airbus A350-900 jets, likely to be announced at this week's Singapore Airshow, would be valued around US$1.8b at list prices based on an outright purchase, though other deal structures may be considered. One source said this could involve PAL leasing the planes. PAL's order comes at a time when rival Cebu Pacific is also expanding its local routes. PAL is taking in more aircraft as it grows its lucrative international network to cater to increased demand from millions of Filipinos working overseas. PAL's expected fleet acquisition underscores the buoyant outlook for Southeast Asia's fifth-largest economy as it bucks a global slowdown. <br/>