Philippine budget carrier Cebu Pacific is in talks with Airbus and Boeing for an order of at least 100 planes with an estimated price tag of more than $12 billion, the airline said.

The aircraft makers have until the end of the year to submit proposals for "100 to 150 narrowbody jets", Cebu Pacific said in a statement sent to AFP late Tuesday.

Boeing and Airbus sent representatives to Cebu Pacific's office in Manila "in recent weeks as part of the early stages" of the request for proposals, the airline added.

Cebu Pacific said the order would be the "largest ever commitment" by any airline in the country's aviation history.

An order of 100 aircraft would be worth more than $12 billion, the company said, citing manufacturer catalog prices.

"Southeast Asia is the fastest-growing region in the world, forecasted to be for the next 20-30 years, and the Philippines is very much at the forefront of that," said Cebu Pacific chief executive officer Michael Szucs.

"To service the Filipino market over the next 20 years, Philippine carriers will need to quadruple in size to cater to growing demand."

Cebu Pacific said it currently had a fleet of 73 mainly Airbus aircraft, including Airbus 330, Airbus 320, Airbus 321, and ATR turboprop aircraft.

"These aircraft orders would more than double the fleet by 2035," the company said.