BUSINESS
Advocates Philippines
Cebu Pacific Makes Historic Aircraft Purchase From Airbus, Signals Confidence In Philippine Economy
Photo credit: Cebu Pacific
Cebu Pacific (CEB) has made Philippine aviation history with its latest move, announcing the purchase of 152 aircraft from Airbus. This landmark deal, valued at P1.4 trillion (USD 24 billion), marks the largest aircraft order in the country's aviation sector.
CEB's memorandum of understanding with Airbus includes up to 102 A321neo and 50 A320neo aircraft, equipped with Pratt & Whitney GTF engines. This substantial investment aims to bolster CEB's fleet and provide flexibility amid market conditions.
According to CEB CEO Michael Szucs, this order reflects the airline's confidence in the Philippine economy and its commitment to supporting growth in the region. The purchase agreement is slated for completion by the third quarter of this year, pending finalization.
President Ferdinand Marcos Jr. hailed the move as a positive indicator for the Philippine economy during a meeting with CEB officials. He expressed optimism about the impact of such investments on economic transformation and development.
CEB, a subsidiary of JG Summit Holdings, Inc., has been a key player in the domestic airline market, holding a 54% market share. Recognized for its contributions to airport and destination marketing in the Asia Pacific region, CEB recently received the Best Airline award at the Routes Asia 2024 Awards.
The airline currently serves 35 domestic and 25 international destinations, emphasizing its role in connecting the Philippines with global markets.
CEB's memorandum of understanding with Airbus includes up to 102 A321neo and 50 A320neo aircraft, equipped with Pratt & Whitney GTF engines. This substantial investment aims to bolster CEB's fleet and provide flexibility amid market conditions.
According to CEB CEO Michael Szucs, this order reflects the airline's confidence in the Philippine economy and its commitment to supporting growth in the region. The purchase agreement is slated for completion by the third quarter of this year, pending finalization.
President Ferdinand Marcos Jr. hailed the move as a positive indicator for the Philippine economy during a meeting with CEB officials. He expressed optimism about the impact of such investments on economic transformation and development.
CEB, a subsidiary of JG Summit Holdings, Inc., has been a key player in the domestic airline market, holding a 54% market share. Recognized for its contributions to airport and destination marketing in the Asia Pacific region, CEB recently received the Best Airline award at the Routes Asia 2024 Awards.
The airline currently serves 35 domestic and 25 international destinations, emphasizing its role in connecting the Philippines with global markets.
Jul 3, 2024
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