Cebu Pacific yesterday confirmed a STAR report that it has acquired AirSWIFT for P1.75 billion from Ayala Land Inc. (ALI) Capital Corp., completing yet another milestone transaction.
The airline owned by the Gokongweis will use the buyout as a door to enter El Nido, one of the most popular tourist hotbeds in Palawan, providing Cebu Pacific with a fresh route to strengthen its widest domestic network.
ALI Capital Corp. president Alfonso Javier Reyes said the company expects Cebu Pacific to find a way to cut airfares to El Nido. At present, AirSWIFT sends out Manila and Clark flights to El Nido, while Cebu Pacific reaches Palawan through Busuanga (Coron) and Puerto Princesa.
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