This seems to be the case with the latest transaction between the Gokongwei family and the Zobel family, as the former’s airline giant Cebu Pacific seals a P1.75-billion purchase of turboprop operator AirSWIFT, known for its trips to some of the best beach resorts in the Philippines.
Extending domestic dominance
Cebu Pacific, owned by the Gokongwei-led conglomerate JG Summit Holdings, recently sealed a purchase order for up to 152 A321neo planes from Airbus.
AirSWIFT operates five ATR aircraft, which complement Cebu Pacific’s turboprop fleet.
New planes and Manila airport slots
“This acquisition could align with CEB’s strategy to expand its domestic tourism footprint, possibly tapping into higher-value segments, despite its focus on budget travel,” Wendy B. Estacio-Cruz, head of research at Unicapital Securities, told InsiderPH.
Estacio-Cruz previously issued a price target of P53.90 for Cebu Pacific. Cebu Pacific's share price gained over 2 percent to P35.80 after announcing the acquisition.
“The move could signal CEB’s intention to diversify and enhance its service offerings during a period of limited aircraft supply,” she added.
Ayala Land unloads non-property biz, boosting net zero goal
AirSWIFT, owned by the Zobel family’s property giant Ayala Land, can now book earnings from the sale of its airline business, allowing the company to focus on core real estate development.
Jomar Lacson, head of macroeconomics and sustainability research at ATR Asset Management, noted that Ayala Land bolsters its environmental, social, and governance (ESG) impact by reducing its emissions footprint as operations transfer to Cebu Pacific.
“It fits their net zero strategy. The airline sticks out given all their efforts to achieve that,” he said in a text message.
Lacson added that Ayala Land is among the stocks in its Sustainability Development and Growth Fund, the company's second-best performing UITF pooled investment fund in 2024.
What’s next?
The deal is subject to standard conditions, including approvals from government and regulatory bodies as outlined in the share purchase agreement, Ayala Land said.
For Cebu Pacific, it plans to add El Nido to its routes, expanding its network while offering a lower-cost alternative for travelers.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
