Philippian low cost carrier Cebu Pacific has signed a binding MOU with Airbus for the purchase of up to 152 A321neo aircraft for $24 billion based on list prices, the largest aircraft order in Philippine aviation history.

The MOU covers firm orders for up to 102 A321neo, plus 50 A320neo Family purchase rights.

READ: Cebu agrees sale and leaseback of four new aircraft

“The order is designed to provide Cebu Pacific with maximum flexibility to adapt fleet growth to market conditions, with the ability to switch between the A321neo and A320neo,” said Chief Executive Officer Michael Szucs.

“When finalized, the deal will be a significant milestone for the local airline industry and a testament to Cebu’s unwavering commitment to support the Philippine growth story.”

The purchase agreement to finalize this transaction is expected to be completed in the third quarter of the year.

CEB currently operates one of the youngest fleets in the world, with its diversified commercial fleet mix of eight Airbus 330s, 39 Airbus 320s, 21 Airbus 321s, and 14 ATR turboprop aircraft enabling the widest network coverage in the Philippines. Five new aircraft have already been delivered since the start of the year and in April the airline agreed the sale and leaseback of a further four aircraft.