Asia Tech Wire (July 2) -- Philippine budget airline Cebu Pacific is proposing to spend $24 billion to buy up to 152 Airbus planes.

Cebu Pacific said in a statement on Tuesday that it has signed a memorandum of understanding (MoU) on the purchase, which includes a firm order for 102 Airbus A321neo aircraft and purchase rights for 50 A320neo.

Based on the total value, this will be the largest aircraft order in Philippine aviation history.

Cebu Pacific expects to complete a definitive purchase agreement for this transaction in the third quarter of this year.