All Nippon Airways holding company is taking a 9.5% stake in Philippine Airlines for $95 million.

The investment by the Japanese carrier comes as it expands its international network and strengthens partnerships with other airlines.

“This purchase underscores ANA’s belief in the dynamism of the Asian region and the great potential of the Philippines’ multi-awarded flag carrier and its confidence that the Philippine air travel market will continue to serve as an economic leader for the ASEAN region,” the airline said.

The deal will support growth of Philippine Airlines which has already seen its fleet grow to 100 aircraft serving 80 destinations in four continents.

ANA Holdings president and CEO Shinya Katanozaka said: “Asia is a key growth market and we believe Philippine Airlinesis in an excellent operational position to capitalise on both the strong uptick in air traffic growth as well as the vibrant, expanding Philippine economy.

“We look forward to expanding our business relationship with Philippine Airlines so we can continue to serve our passengers even better.”

Philippine Airlines president Jaime Bautista added: “The Philippines and Japan have a long-standing relationship with complementary strengths.

“This week, in fact, we commemorate the 70th year of Philippine Airlines’ service to Japan, dating back to the launch of our first Manila-Tokyo flight on January 26, 1949.

“It is a great privilege to celebrate this historic occasion by strengthening our ties with ANA as we aim to build a relationship that is mutually beneficial with an eye to a more progressive future.