Friday, 14 January 2011

Cebu Pacific allots $1 billion for 4-year expansion program

Business Mirror

CEBU Pacific is spending over $1 billion until 2015 to expand its operations.
It said in a statement yesterday the investment will be spent on 19 brand-new Airbus aircraft for international and domestic network expansion. This, it added, will require the hiring of 2,000 more employees. 

“Cebu Pacific has already created over 4,300 jobs. We have also revived local tourism and have helped generate jobs and opportunities in the provinces,” said president Lance Gokongwei. 

Cebu Pacific took delivery of 3 Airbus 320s in the past three months, will take delivery of five more this year, and will get an additional 16 from 2012 to 2014. 

By the end of 2011, the company will be operating a fleet of 37 aircraft—with an average age of less than 2.5 years.

The airline will also spend P300 million this year to promote the Philippines overseas.

Gokongwei added: “Cebu Pacific’s main focus in the next few years will be in rapidly growing our international presence, particularly in creating better linkages between the fast-growing North Asian markets of South Korea, Japan and Greater China, and the various resorts and tourist destinations here in the Philippines. This is especially true since the Philippines is the closest tropical destination to our North Asian neighbors.”

Last year, Cebu Pacific flew 10.5 million passengers. This year, it expects that figure to go up to 12 million, of which 10 million would be using the Ninoy Aquino International Airport (NAIA) terminal 3 (T3), nearing the terminal’s rated capacity of 13 million.

At the rate the airline is growing, Gokongwei said Cebu Pacific’s next 50-millionth passenger is due in four years’ time. The first 50-millionth passenger was awarded last month with one-year unlimited travel to all Cebu Pacific destinations.

Gokongwei said the company’s transfer to Naia T3 in 2008 provided the space, convenience and opportunity for Cebu Pacific to grow and serve its passengers.  

“We look forward to working with the government in continuing to grow within and improving upon Naia T3, the only airport terminal that can accommodate Cebu Pacific’s rapid expansion,” he said.

Cebu Pacific, now the country’s largest airline and Asia’s third-largest low-cost carrier, flies over 260 flights daily to 16 international destinations and 33 domestic destinations from its four operational hubs in Manila, Cebu, Clark and Davao.

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