Cebu Pacific in talks to acquire AirSWIFT

The Gokongweis and the Ayalas are in talks for yet another major deal, this time for Cebu Pacific's acquisition of boutique airline AirSWIFT from the Ayala Group's property arm Ayala Land Inc. (ALI), industry sources told The STAR.

- IRIS GONZALES

The budget carrier's which may be sealed in headwinds, is seen boosttourism especially in the coastal town of El Nido in Palawan, which is famous for its white sand beaches, emerald waters and limeacquisition of AirSWIFT, two months barring any ing domestic stone cliffs.

"The deal may be closed in two months or earlier," an industry source said, adding that it is a win-win for both the Gokongwei and Ayala conglomerates.

The deal, which would see Cebu Pacific take over the airline's ownership, would be a game changer for the Gokongwei-led low-cost carrier as it would enable it to capture the El Nido market, complementing its other Palawan destinations such as Coron and San Vicente.

It would also provide Cebu Pacific with tailwinds to soar to even greater heights especially with its historic P1.4-trillion purchase of as many as 152 aircraft from aviation giant Airbus, touted as the largest plane order in Philippine history.