A Philippine Airlines A350-1000.Philippine AirlinesPhilippine Airlines (PAL)—controlled by banking and tobacco tycoon Lucio Tan—is stepping up its fleet modernization by ordering up to 20 Boeing 787-10 Dreamliners and as many as 14 Airbus A350-1000 long-haul jets.Under an agreement signed on Monday at the Farnborough International Airshow in the U.K., the Philippine flag carrier committed to purchase at least 15 Dreamliners, with an additional five on option. The planes are scheduled for delivery between 2031 and 2034, Manila-based PAL said in a statement.On Tuesday, PAL separately signed a memorandum of understanding with Airbus to purchase an additional nine A350-1000 aircraft, with an option to purchase five more. The planes will be powered by Rolls-Royce Trent XWB-97 engines, it added.PAL didn’t disclose financial details of the deals. The Boeing order could be valued as much as $7.1 billion as each Dreamliner can cost up to $355 million, but airlines typically pay $150 million to $200 million after discounts, according to Simple Flying. The Airbus order may cost PAL as much as $5.1 billion based on the aviation publication’s estimated list price for each A350-1000 aircraft of up to $366 million. The agreement with Airbus and Boeing comes after PAL raised $300 million from its first bond sale after emerging from Chapter 11 bankruptcy proceedings in the U.S. in December 2021. The fresh capital will help fund the 85-year old airline’s fleet modernization and expansion. “This investment manifests our confidence in the future of Philippine Airlines and the continued growth of air travel,” said Lucio Tan III, the tycoon’s grandson and president of PAL Holdings, PAL’s parent company. “The Boeing 787-10 will strengthen our medium and longhaul fleet, allowing us to provide an even better travel experience for our customers while improving operational efficiency.”MORE FOR YOUThe 787 Dreamliner is part of a broader fleet modernization program to build a more efficient, sustainable, and competitive airline, PAL said. The planes will be fitted with GE Aerospace’s GEnx-1B engines, it added.An artist's impression of PAL's 787 Dreamliner.Philippine AirlinesThe A350-1000 jets—which are scheduled for delivery between 2034 and 2036—will be PAL’s flagship for its long-haul operations. “As the first and currently the only airline in Southeast Asia to operate the Airbus A350-1000. Philippine Airlines has experienced firsthand the aircraft’s exceptional range, fuel efficiency, reliability and passenger comfort," Tan said. "It has expanded our reach in North America.”With a fleet of more than 80 aircraft, PAL operates across the Philippines and 40 international destinations in Asia, North America, Australia and the Middle East. It has been expanding and upgrading its fleet since 2024 after booking record profit in 2023 amid a post-pandemic travel rebound. In December, it ordered five additional Airbus A320 aircraft.Aside from PAL, the tycoon’s interests include banking, beer, spirits, tobacco and real estate through his publicly listed LT Group. With a net worth of $2.9 billion according to Forbes real-time data, Tan is among the country’s wealthiest.