Close  

Boracay shutdown to cost Cebu Air up to P1B

/ 09:59 AM May 29, 2018

Cebu Pacific photo by RAFFY LERMA

The shutdown of tourist hotspot Boracay Island is seen to translate to P500 million to P1 billion in foregone revenues for Gokongwei-led budget carrier Cebu Pacific.

“Caticlan and Kalibo constitute about 6-7 percent of our domestic passengers. So for the first six months, we anticipate there should be maybe P500 million to P1 billion reduction in revenues because it takes time to transfer the flights to other destinations,” Lance Gokongwei, president and chief executive officer of Cebu Pacific operator Cebu Pacific said during the stockholders meeting of JG Summit Holdings Inc. on Monday.

ADVERTISEMENT

“But overall, we think this should be a strong positive for the country as we expect that Boracay will return as an even more popular destination after the rehabilitation is complete,” Gokongwei said.

Boracay – which Pres. Duterte had described as a “cesspool” due to a number of violators of environmental regulations – was shut down by the government for six months starting April 26 to pave the way for rehabilitation.

FEATURED STORIES

Read Next
LATEST STORIES
MOST READ
Don't miss out on the latest news and information.
View comments

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: CEB, Cebu Air, Lance Gokongwei
For feedback, complaints, or inquiries, contact us.


© Copyright 1997-2019 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.