Philippine Airlines Places Order for up to Four Boeing 777-300ERs

Released on Thursday, March 15, 2007

SEATTLE, March 15, 2007 -- On the airline's 66th anniversary today, Philippine Airlines (PAL) and The Boeing Company [NYSE: BA] announced the order of two Boeing 777-300ER (Extended Range) commercial airplanes, with purchase rights for two additional 777-300ERs. PAL is a long-time Boeing customer and currently operates five Boeing 747-400s and three Boeing 737-300/-400s.

PAL, the national flag carrier of the Philippines, mounted its first flight March 15, 1941 and has been operating longer than any other airline in Asia. It has a modern fleet and a route network that spans 24 foreign cities and 18 domestic destinations.

"The acquisition of the Boeing 777-300ER allows PAL to expand direct services between the Philippines and the United States," said Jaime J. Bautista, president of Philippine Airlines. "Our passengers will also benefit from the higher level of comfort and amenities that this high-technology aircraft brings."

Separately, PAL has signed a letter of intent with GE Commercial Aviation Services (GECAS) to lease two Boeing 777-300ER aircraft.

"The Boeing 777-300ER is a great choice for Philippine Airlines, giving Asia's first commercial airline the most efficient airplane in the 300-to-400 seat segment, and offering its passengers the highest levels of comfort and reliability," said Rob Laird, vice president - Greater China Sales, Boeing Commercial Airplanes.

The fuel-efficient 777-300ER is the world's largest long-range twin-engine jetliner and is capable of carrying approximately 365 passengers in Philippine Airlines' two-class configuration, with a maximum range of 7,880 nautical miles (14,594 kilometers).