Cebu Pacific signs lease deal for two more planes
Cebu Pacific, the country’s leading airline, has signed another lease agreement that will add two more aircraft to its already-growing fleet of planes.
In a statement on Friday, the Gokongwei-led budget carrier said it had entered into a deal with Dublin-based RBS Aviation Capital for the six-year lease of two brand-new Airbus A320 aircraft to be delivered in March 2012.
“These two leased A320 aircraft will further increase our fleet size, allowing us to offer lower fares and even more routes, destinations and flights to our guests. It will also enable us to continue expanding aggressively in the Asia-Pacific region, especially as we await delivery of more brand-new Cebu Pacific aircraft,” president and CEO Lance Gokongwei said in a statement.
The two A320s will be on top of CEB’s order for 27 Airbus A320s to be delivered until 2016, and 30 Airbus A321neo aircraft to be delivered from 2017 to 2021.
Cebu Pacific recently signed a Memorandum of Understanding (MOU) with Airbus for the purchase of the 30 Airbus 321neo aircraft, the largest A321neo aircraft order in the world.
The A321neo will be a first of its type to operate in the Philippines, being a larger and longer-haul version of the familiar Airbus A320.
Cebu Pacific currently operates 10 Airbus A319, 15 Airbus A320 and 8 ATR-72 500 aircraft. Of the 15 A320s, nine are under operating lease agreements.
RBS Aviation Capital ranks among the world’s top five operating lessors by fleet value. Founded in 2001, it has 100 airline customers and 36 investor customers in 38 countries.
“This is our first transaction in the Philippines, and our first lease agreement with Cebu Air. We look forward to new opportunities in the region and developing a key relationship with one of the country’s leading domestic carriers,” RBS Aviation Capital’s CEO Peter Barrett said.
Cebu Pacific has the most extensive network within and from the Philippines, with 34 domestic and 16 international destinations including Osaka, Seoul (Incheon), Beijing, Jakarta, Bangkok, Hong Kong and Singapore.
