Philippine Air Sets $450 Million of Spending as Tourism Rebounds
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Apr 02 2024
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Source: Bloomberg
- Philippine Airlines Budget Increase: Philippine Airlines has set a spending budget of $450 million for this year, more than double the amount allotted in 2023, to prepare for the recovery in tourism and increased competition.
- Financial Plans: The airline plans to finance its capital spending through internally generated cash, bank loans, and lease financing.
- Tourism Recovery: The Philippines attracted 5.45 million foreign tourists last year, exceeding its target, and aims to bring in 7.7 million international visitors this year.
- Operational Growth: Philippine Airlines carried nearly 15 million passengers in 2024, reflecting a rebound in air travel.
- Future Plans: The company is considering ordering three additional Airbus A350-1000 wide-body jets and expanding its fleet with new aircraft deliveries expected from 2025 to 2029.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
