Following great annual earnings reports by both Philippine Airlines [PAL 5.70, up 2.1%; 137% avgVol] and Cebu Pacific [CEB 31.65 unch; 388% avgVol], both domestic airlines have pledged to spend a great deal of money to expand networks, buy new planes, and service existing planes. CEB [link] said that it will spend around P50 billion in what it called “mostly aircraft-related capex” which will include the purchase of 16 new planes, to be funded through internally generated funds. CEB expects to grow its capacity by 5% to 8% this year. PAL [link] said that it will spend approximately P25 billion for aircraft and other capex needs, with 80% of that amount going to the refurbishment of its existing A321ceo planes. PAL said that it doesn’t expect to receive any new planes until 2025 (A350-1000s) and 2026 (Airbus 321-231 neos).