NATIONAL
Advocates Philippines
Air Asia Commits $1 Billion Investment In The Philippines
Photo credit: PCO
In a landmark outcome of President Ferdinand R. Marcos Jr.'s recent three-day state visit to Malaysia, Air Asia's CEO, Tan Sri Anthony Francis Fernandes, has pledged $1 billion investment for the expansion of their operations in the Philippines. This announcement comes as a significant boost to the Philippine economy and highlights the potential of the nation's aviation and logistics sectors.
During a roundtable meeting organized by the Department of Trade and Industry (DTI) as part of the state visit, President Marcos expressed his delight at Air Asia's optimistic outlook for the Philippines. Acknowledging the airline's reputation as the fourth largest in Asia, he thanked Fernandes for recognizing the promising opportunities within the country.
In the meeting, DTI Secretary Alfredo Pascual disclosed that Fernandes, the CEO of Capital A Berhad, signed a letter of intent outlining their ambitious expansion plans for aviation and aviation maintenance, repair, and overhaul operations. Additionally, the investment will foster the growth of the Air Asia super app and logistics operations in the Philippines.
Fernandes, while addressing the challenges imposed by the COVID-19 pandemic, reaffirmed his commitment to the Philippine market and expressed excitement about the potential to support and stimulate small and medium enterprises in the country. Despite facing setbacks during the pandemic, he emphasized the need to restructure their businesses and return to pre-pandemic levels.
"We're excited about what we can do in the Philippines and really stimulate small, medium enterprises … we are excited. We think we can bring a lot of value to the Philippines on logistics," said Fernandes during the roundtable meeting.
As part of their investment plan, Air Asia intends to increase their aircraft fleet from 23 to 50, including the inclusion of wide-body aircraft. Fernandes revealed that the necessary steps to acquire the required licenses are already underway.
Fernandes expressed his enduring pleasure in conducting business in the Philippines and reiterated his company's dedication to supporting the administration's vision for economic growth and development.
The $1 billion investment from Air Asia is expected to have far-reaching positive impacts on the Philippine aviation industry and logistics sector, generating job opportunities and stimulating economic activity. This groundbreaking commitment marks a significant milestone in the bilateral relations between the Philippines and Malaysia and reinforces the prospect of a prosperous future for both nations.
During a roundtable meeting organized by the Department of Trade and Industry (DTI) as part of the state visit, President Marcos expressed his delight at Air Asia's optimistic outlook for the Philippines. Acknowledging the airline's reputation as the fourth largest in Asia, he thanked Fernandes for recognizing the promising opportunities within the country.
In the meeting, DTI Secretary Alfredo Pascual disclosed that Fernandes, the CEO of Capital A Berhad, signed a letter of intent outlining their ambitious expansion plans for aviation and aviation maintenance, repair, and overhaul operations. Additionally, the investment will foster the growth of the Air Asia super app and logistics operations in the Philippines.
Fernandes, while addressing the challenges imposed by the COVID-19 pandemic, reaffirmed his commitment to the Philippine market and expressed excitement about the potential to support and stimulate small and medium enterprises in the country. Despite facing setbacks during the pandemic, he emphasized the need to restructure their businesses and return to pre-pandemic levels.
"We're excited about what we can do in the Philippines and really stimulate small, medium enterprises … we are excited. We think we can bring a lot of value to the Philippines on logistics," said Fernandes during the roundtable meeting.
As part of their investment plan, Air Asia intends to increase their aircraft fleet from 23 to 50, including the inclusion of wide-body aircraft. Fernandes revealed that the necessary steps to acquire the required licenses are already underway.
Fernandes expressed his enduring pleasure in conducting business in the Philippines and reiterated his company's dedication to supporting the administration's vision for economic growth and development.
The $1 billion investment from Air Asia is expected to have far-reaching positive impacts on the Philippine aviation industry and logistics sector, generating job opportunities and stimulating economic activity. This groundbreaking commitment marks a significant milestone in the bilateral relations between the Philippines and Malaysia and reinforces the prospect of a prosperous future for both nations.
Jul 28, 2023
