Cebu Air—controlled by billionaire Lance Gokongwei and his family’s JG Summit—plans to gradually expand the company’s fleet over the next five years amid signs travel and tourism is staging a post-pandemic recovery.
“For the rest of 2022, Cebu Pacific sees a better business outlook driven by domestic recovery and re-openings of international destinations,” Cebu Pacific said in a statement. “However, it remains cautious of the risks presented by increasing jet fuel prices and interest rates and depreciation of the Philippine pesos versus the U.S. dollar.”
The rising cost of oil and the depreciation of the peso also dragged Cebu Air’s parent JG Summit into the red, with a 2.8 billion peso net loss for the first quarter. The group’s petrochemical business posted a net loss of 2.1 billion pesos during the quarter due to higher raw materials prices. “For the first quarter of this year, we have seen that the reopening of the economy has positively impacted most of our subsidiaries, with our overall revenues exhibiting quarter-on-quarter and year-on-year improvements,” Gokongwei, who is also president and CEO of JG Summit, said in a statement.
JG Summit, one of the biggest conglomerates in the Philippines, also has interests in food and beverage, banking, real estate and utilities. The business was founded by the late billionairein 1954 as a corn starch factory. After Gokongwei passed away in 2019, his six children—Lance, Robina, Lisa, Faith, Hope and Marcia—inherited his fortune. The siblings had a combined net worth of $4 billion, placing them at No.
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