Separately, PAL also signed a letter of intent with GE Commercial Aviation Services for the lease of two B777-300ERs.
Deliveries will commence in the third quarter of 2009 and until 2011.
"Our future fleet of B777-300ERs will allow PAL to enhance its passenger service to the US, while providing superior efficiency in our operations," said President Jaime Bautista.
The decision to acquire the two-class B777-300ERs, PAL's first new widebody aircraft model in 12 years, signals the long-anticipated modernisation of the airline's long-range fleet.
It follows on the heels of a similar upgrading of PAL's single-aisle fleet, which started last Sep-06 with the arrival of the first of 20 new A320-family aircraft. Six of those aircraft are already in service and four more are arriving this year.
PAL's widebody fleet currently comprises 17 aircraft: five B747-400s, four Airbus A340-300s and eight Airbus A330-300s.