This story is part of Forbes’ coverage of Philippines’ Richest 2026. See the full list here.

Four years after emerging from Chapter 11 bankruptcy proceedings in the U.S., Philippine Airlines (PAL), helmed by billionaire Lucio Tan’s grandson Lucio Tan III, is gaining altitude. In July, it agreed to buy up to 34 new airplanes from Airbus and Boeing with an estimated total list price of more than $12 billion. Deliveries of the 20 Boeing 787-10 Dreamliners and 14 Airbus A350-1000 long-haul jets are expected to commence from 2031 onwards. “The investment manifests our confidence in the future of Philippine Airlines and the continued growth of air travel,” says the younger Tan, president of PAL Holdings, the flag carrier’s parent company, in a statement.

The aircraft purchases follow the carrier’s $300 million fund-raising through a sale of five-year bonds in the same month. The 85-year-old airline is stepping up fleet modernization and expansion as earnings rebound. Net profit in 2025 climbed 37% to 9.6 billion pesos ($160 million) as revenue rose 3.2% to 184 billion pesos. With a net worth of $2.9 billion, Tan ranks No. 6 on the list. Besides his stake in PAL, he has interests in banking, breweries, spirits, tobacco and real estate.