Business and Economy
BOI registers CebPac’s P6.1-B aircraft acquisition
BOI Chair and Trade Secretary Ramon Lopez is optimistic that the investment promotion agency can exceed its PHP500-billion project registration for its 50th anniversary this year. (pna photo)
MANILA— The Board of Investments (BOI) registered Cebu Air Inc.’s Php6.1-billion aircraft acquisition under public infrastructure and logistics activity of the 2017 Investment Priorities Plan (IPP).
Cebu Air, the airline company of JG Summit Holdings, Inc. and operator of Cebu Pacific, acquired one Airbus 330 (A330) aircraft from Airbus SAS France on a finance lease scheme.
The A330 is a twin-aisle commercial passenger aircraft that can carry up to 436 passengers.
The latest acquisition is an addition to the Cebu Air’s fleet of 58 aircrafts.
Cebu Air now has eight A330, 36 A320, four A319, eight ATR 72-500, and three ATR 72-600.
The low-cost carrier’s new A330 has started its commercial flight last May flying Manila-Incheon-Manila route and Manila-Bangkok-Manila routes.
With the new aircraft, Cebu Air added 186 personnel.
“The growth of the air transport industry remains robust. This will allow Cebu Pacific to further expand its operation as a major budget carrier, stimulating passenger traffic growth with more affordable fares from these strategic routes. More tourists in Asian countries especially from Korea are expected to come in with this new project,” BOI Managing Head Ceferino Rodolfo said in a press statement.
Moreover, BOI Chair and Trade Secretary Ramon Lopez is optimistic that the investment promotion agency can exceed its PHP500-billion project registration for its 50th anniversary this year.
Lopez told reporters last week that BOI approvals this year may hit PHP550 billion.
In the first seven months of 2017, investment approvals at the BOI reached PHP294.8 billion.
