Från John Weggs Caravelle-bok: "In 1975 Sterling Airways and the Danish Industrialisation Fund for Developing Countries (IFU) each took a 20% stake in a new charter company, Sterling Philippines Airways. In accordance with local company law, Philippine investors owned the remaining 60%. The aim was to fly charters between Japan and the Philippines, initially with a single Super Caravelle leased from Sterling, now surplus following the delivery of Boeing 727-200s. Eventually, it was expected that a total of three or four Caravelles would be transferred to the Philippines. Although painted with Sterling Phipippines titles on 25 March 1975, no.275/OY-STF was not delivered to Manila until the following October. Re-registered RP-C123, it was named Lapu-Lapu after the chief of the island of Mactan, Cebu , who was the first Filipino to fight Spanish colonisation and who killed Ferdinand Magellan, the Portuguese leader of the first Spanish expedition to the archipelago. Operations began in October 1975 between the Philippines and Hong Kong and the following year rights were obtained to fly to Japan The Caravelle, which was supplemented by a DC-8-51 in 1977, was returned to Sterling two years later."