Manila --ndash; The Philippines’ largest budget airline Cebu Pacific Air has finalized a 4.8-billion-dollar order for 16 new Airbus A330neo jets to boost its fleet with more fuel-efficient aircraft.

The new aeroplanes will be delivered between 2021 and 2024, and are to be used on local and Asian routes, as well as on long-haul flights to the Middle East and Australia, the airline said in a statement on Monday.

"The A330neo is integral to our fleet modernisation programme,” said Lance Gokongwei, president and CEO of Cebu Pacific. “With this purchase, we aim to reduce our fuel emission and build a more sustainable operation.”

“This will also give us the lowest cost per seat, at the same time enabling (Cebu Pacific) to increase seat capacity and maximize valuable airport slots in Manila and other Asian mega cities,” he added.

The A330neo will have 460 seats and consume 25 per cent less fuel, the company said.

In June, the airline signed a memorandum of agreement with Airbus during the Paris Air Show for the purchase of as many as 31 aircraft worth around 6 billion dollars.

The airline currently has a fleet of 74, which are mainly Airbus and ATR jets.

Cebu Pacific Air has one of the youngest fleets in the world, with an average age of five years.

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