Cebu Pacific, the Philippines’ leading low-cost carrier, has announced the acquisition of boutique airline AirSWIFT for P1.7 billion.
The move marks a significant expansion for Cebu Pacific, strengthening its network and connectivity to key tourist destinations across the Philippines.
AirSWIFT, known for its fleet of planes serving popular tourist destinations including Boracay, El Nido, Cebu, Bohol, and other local hotspots, was owned by ALI Capital Corp., a subsidiary of Ayala Land, Inc.
The share purchase agreement, signed by both parties, saw Cebu Pacific acquire 100% of AirSWIFT Transport Inc. shares. Cebu Pacific President and Chief Commercial Officer Xander Lao expressed excitement about the acquisition, stating that it will “increase accessibility to local destinations that have high potential and are world-renowned for having some of the best beaches in the world.”
The airline intends to maintain existing flight schedules and service levels, ensuring a seamless transition for passengers. ALI Capital President Alfonso Javier Reyes, meanwhile, voiced his hope that the acquisition will bring more tourists to El Nido at lower costs, emphasizing the role AirSWIFT played in developing the region into a world-class tourist destination.
This acquisition represents a strategic move by Cebu Pacific to further expand its reach and offer greater convenience for travelers seeking to explore the diverse beauty of the Philippines.
With its expanded network, Cebu Pacific aims to boost tourism and economic growth in key tourist hotspots across the country.
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