Philippine Airlines, Citi and UK Export Finance ( UKEF ) have successfully closed a 12-year, UKEF-covered loan for Philippine Airlines to finance one Rolls-Royce Trent XWB-97 engine, with the deal marking the first export credit agency-backed financing raised by Philippine Airlines in over 12 years,

Citi acted as the sole lead arranger and facility agent on this financing.

The engine, which will power the Airbus A350-1000 aircraft, is 15% more fuel efficient compared with previous generation Trent engines and is also quieter by design.

Philippine Airlines is the flag carrier of the Philippines and, the airline notes, is embarking on the latest stage of fleet modernization with the delivery of nine Airbus A350-1000 aircraft. The airline is also due 13 Airbus A321neo aircraft from 2026 in addition to refurbishing 18 A321ceo aircraft with new business and economy class seats ( the first of which was completed in September 2025 ).

“This financing agreement with Citi and UKEF marks a significant step in our fleet modernization and demonstrates the strength of our partnership with these institutions,” notes Alvin Limqueco, the airlines senior vice-president and chief supply-chain officer. “By working closely with Citi and UKEF, we are able to acquire the advanced Rolls-Royce Trent XWB-97 engine, reinforcing Philippine Airlines’ commitment to operational excellence and world-class customer service."

Tim Reid, UKEF’s CEO, adds: “These new engines will drastically help to reduce emissions. This deal encapsulates our vision to support UK exporters and jobs, drive local growth and create global impact.”