Cebu Pacific, a low-cost carrier based in the Philippines, has recently signed a lease agreement with Bulgaria Air to expand its fleet in 2024. The agreement, known as a damp lease agreement, involves the lessor providing aircraft, crew, maintenance, and insurance to the lessee.
According to a statement from Cebu Pacific, the lease agreement covers two Airbus 320 CEO airplanes that will serve routes from Manila to Cebu and Davao from January to May 2024. Each aircraft can carry 180 passengers.
The president and chief commercial officer of Cebu Pacific, Xander Lao, expressed his optimism about the expansion, stating that they hope to increase their fleet to 92 aircraft by the end of 2024. He also mentioned that this expansion would result in a 5% to 8% year-on-year seat growth.
This announcement comes after Cebu Pacific faced criticism for flight delays and cancellations, which led to calls for the suspension of its franchise. However, the airline reported a net income of P1.3 billion in the third quarter, indicating strong travel demand.
Adding the two leased A320ceo aircraft with a 180-seat capacity will allow Cebu Pacific to accommodate more passengers on its Manila to Cebu and Davao routes. This expansion is part of the airline’s efforts to meet the growing demand for air travel in the Philippines.
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