Manila: Gokongwei-led airline Cebu Pacific (CEB) on Thursday expressed optimism for continued expansion as well as the long-term growth potential of Philippine aviation. In a news release, CEB shared that during the annual stockholders' meeting, CEB chairman Lance Gokongwei highlighted the importance of the company's continued commitment to excellence, expansion of its network, and strategic investment in aircraft.
According to Philippines News Agency, the airline reported a significant growth in revenues through record-breaking passenger numbers and a consistently strong seat load factor in 2024. To support its growth and ensure operational resilience amid industry challenges, CEB took delivery of 17 aircraft last year and pushed forward with the development of hubs across the country.
CEB chief executive officer Michael Szucs underscored how these strategic investments in hubs and aircraft have been key catalysts to CEB's growth. Szucs stated, "By seizing these opportunities, we have not only outpaced competition but also solidified our position as industry leader."
Szucs expressed confidence about CEB's continued growth in 2025, noting how the early months of 2025 show that the market is already absorbing the additional capacity and how this will also strengthen the company's overall financial position. He also expressed his optimism in the long-term growth potential of Philippine aviation, driven by the country's economic, geographic, and demographic advantages.
Underpinning this view is CEB's historic order for up to 152 aircraft signed in 2024, showing its commitment to supporting the Philippines' continued growth and development. On Thursday, the Philippine Statistics Authority said the Philippine economy continued to grow in the first quarter, registering 5.4 percent, which is slightly higher than the 5.3 percent in the fourth quarter of last year. While growth slowed from the 5.9 percent expansion in the first quarter of 2024, the gross domestic product (GDP) expansion during the period surpassed other major economies in the region.