S&P: Asia-Pacific aviation sector on path to full recovery by 2024

The aviation sector in Asia-Pacific, including the Philippines, is now on its path to full recovery as early as next year as passenger volume continues to show momentum post-lockdown, according to S&P Global Ratings.

The credit rating agency, in a recent report, said that passenger air traffic in the region was expected to return to prepandemic levels over the next 12 to 18 months.

“Demand-supply dynamics are favoring aviation-related sectors in Asia-Pacific,” said S&P Global Ratings credit analyst Isabel Goh.

S&P noted that the revenue passenger per kilometer—which measures air traffic for jets—in the region reached 93 percent of prepandemic levels in August.

According to data from Association of Asia Pacific Airlines, the carriers in the region serviced 194 million passengers in the first three quarters, showing growth of more than 200 percent year-on-year.

The recorded passenger volume was 69 percent of the 281 million passengers the Asia-Pacific airlines flew in the same period in 2019 or prior to the pandemic.

Locally, the Manila International Airport Authority (MIAA) reported that Ninoy Aquino International Airport (Naia) saw passenger volume grow by 59 percent to 33.76 million from January to September. This was about 95 percent of the prepandemic levels.

The country’s main international gateway accommodated 206,050 flights as of September, up 31 percent from a year ago. MIAA is optimistic that it would achieve year-end projections of 45 million passengers and 275,000 flights served as Naia continues to welcome more guests. INQ