This is AI generated summarization, which may have errors. For context, always refer to the full article.
Cebu Pacific says it plans to continue AirSWIFT’s flight schedules and service as is
MANILA, Philippines – The Gokongweis’ budget airline Cebu Pacific is buying boutique airline AirSWIFT Transport Incorporation from the Zobel de Ayalas’ ALI Capital Corporation for P1.75 billion.
In a statement on Monday, October 7, Cebu Pacific said both of the companies’ board of directors have already approved of the transaction. The budget airline will acquire 100% of the shares of AirSWIFT.
“Cebu Pacific continues to undertake measures to boost connectivity to various Philippine destinations while offering low fares, thus contributing to economic growth and tourism development goals,” Cebu Pacific President and Chief Commercial Officer Xander Lao said.
“We are excited to play our part in increasing accessibility to local destinations that have high potential and are world renowned for having some of the best beaches in the world.”
This acquisition would expand Cebu Pacific’s routes in Palawan, allowing it to add another leisure destination — El Nido — to its offerings just as the country experiences a travel boom post-pandemic.
AirSWIFT has direct flights from Lio Airport in El Nido to Manila, Cebu, Boracay, and Bohol. It serves resorts managed by Ayala Land.
Cebu Pacific said it plans to continue the boutique airline’s flight schedules and service as is.
“Our investment in AirSWIFT has been a key enabler in the growth of El Nido as a world-class tourist destination. With this transaction, we are hopeful that the expertise of Cebu Pacific will bring lower cost options and greater accessibility to El Nido,” ALI Capital President Alfonso Javier Reyes said.
In August, ALI Leasing and Hospitality group head Mariana Beatriz Zobel de Ayala said they were in the market to sell AirSWIFT as airline management is not among its “core competencies.” – Rappler.com
