MANILA, Philippines - Cebu Air Inc. said Tuesday it would purchase an additional 7 Airbus A320s, bringing to 22 its pending orders from European manufacturer Airbus, a unit of EADS.

Company chairman Lance Gokongwei told reporters the carrier would spend $1.4 billion over 5 years on its aircraft purchases, most of which have been previously disclosed.

Gokongwei also said they will use internally generated cash for the new planes, which will arrive by 2014.

Cebu Air, a unit of conglomerate JG Summit Holdings Inc., operates the country's biggest budget carrier, Cebu Pacific.

The company is planning a P22.3-billion initial public offering of shares to fund the expansion of its fleet.

Currently, it has a fleet of 10 Airbus A319s, 11 Airbus A320s and 8 ATR 72-500 planes. It serves 50 domestic routes and 21 international destinations, with a total of 1,710 weekly flights.

Shares of JG Summit fell more than 3% to P9.30 apiece on Tuesday.