MANILA, July 2 (Reuters) -

Philippine budget carrier Cebu Air Inc said on Tuesday it has signed a memorandum to buy a minimum of 70 A321neo aircraft, with options for more, to secure its long-term fleet expansion needs.

Under the memorandum, Cebu Air will have the ability to secure additional aircraft subject to certain conditions, bringing the A321neo order to potentially as many as 102 aircraft, Cebu Air said in a statement.

It also includes purchase rights for 50 A320neo, which will bring the total order to as many as 152 aircraft worth $24 billion based on list prices, it said. Airlines typically receive discounts to list prices.

Reuters last week

reported

that Airbus was closing in on a deal for Cebu Air, which operates budget airline Cebu Pacific, to buy 70 narrow-body jets, citing sources.

Cebu Pacific plans to double its fleet by 2035 to take advantage of a long-term travel boom across Southeast Asia following the COVID-19 pandemic.

It operates a fleet of 64 Airbus and 14 ATR aircraft, which will increase to 92 by end-2024. (Reporting by Neil Jerome Morales and Lisa Barrington; Editing by Ed Davies)