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UPDATE 1-Philippines' Cebu Air close to buying A330neo or B787 aircraft

Neil Jerome Morales

* Budget carrier to decide on orders late this year

* New aircraft targeted for delivery in 2020, 2021

* Airbus tipped to book new orders - sources (Adds details, background)

MANILA, May 30 (Reuters) - Cebu Air Inc is close to an order for either Airbus 330neo or Boeing 787 aircraft, the CEO of the Philippines' largest airline said on Thursday.

The carrier, which operates under the Cebu Pacific brand, is looking for deliveries in 2020 and 2021, CEO Lance Gokongwei told Reuters, declining to disclose the likely size of the order.

Cebu Air is considering an order for up to 16 aircraft, aviation website Flightglobal has reported.

Cebu Air operates mostly Airbus A320 short-haul aircraft. It has eight older versions of the A330 widebody.

The new widebody jets will replace the existing A330 fleet, most of which are leased, Gokongwei said.

Cebu Air plans to expand its fleet with new generation aircraft that are more fuel efficient, Gokongwei told stockholders on Thursday.

(Reporting by Neil Jerome Morales; editing by Jane Merriman)