Air Philippines defer plans to go international
Balita News
MANILA, Nov. 15 (PNA) - Air Philippines Corp. plans to push
through with its international service by the second quarter of next
year.
Air Philippines President and Chief Executive Officer Sherwin
Gatchalian said their plans to go international this year was
deferred because of the bearish mood of the market.
"We don't see the endeavor very promising this year. Most of the
airlines are losing money, so why jump in the bandwagon," Gatchalian
said.
He said the airline will initially fly the Asian route by the
middle of next year. This despite the Civil Aeronautics Board (CAB)
approval of its application to go international.
Gatchalian said the group will allocate some P700 million as
working capital for the move, adding "the capital is at its minimal
considering the airline company would only be leasing the planes for
use in the international flight."
Earlier, Air Philippine planned to begin its international
operation by the last quarter of this year.
"Our group views that there are lot of other areas where business
would be profitable. One of this is the tourism industry and the
airline business has always been part of the whole agenda,"
Gatchalian said.
As earlier planned, the company wants to fly to Los Angeles and
San Francisco which have a high concentration of Overseas Filipino
communities.
Regional flights area planned are on Taiwan, HongKong, Singapore
and Kuala Lumpur. (PNA) JE/LBV/lct
PNA 11151127