Cebu Pacific taking over AirSWIFT in P1.75-B deal

Gokongwei-led airline giant Cebu Pacific (CEB) is acquiring AirSWIFT Transport Inc. the Zobel family’s Ayala Land Inc. for P1.75 billion, marking a new chapter for both companies.

AirSWIFT, a boutique airline serving domestic leisure travelers, will continue its current flights without any changes to its schedule. It operates routes from Manila and Clark to El Nido, Palawan, and from El Nido to top tourist spots like Cebu, Boracay, Coron, and Bohol.

At the same time, Cebu Pacific will integrate AirSWIFT into its network, adding El Nido to its destinations. This was first reported by the Philippine Star newspaper. 

Management’s view 

“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 in a statement. 

“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,” he added. 

Lower cost flights to El Nido 

“Our investment in AirSWIFT has been a key enabler in the growth of El Nido as a world-class tourist destination,” said Alfonso Javier Reyes, president of ALI Capital, which is owned by Ayala Land. 

“With this transaction, we are hopeful that the expertise of Cebu Pacific will bring lower cost options and greater accessibility to El Nido,” he added. 

Featured News
Explore the latest news from InsiderPH
Saturday, 25 January 2025
Insight to the one percent
© 2024 InsiderPH, All Rights Reserved.