Cebu Pacific Buys Airswift

Ayala Sells Airline at $32 Million

7 October 2024

Low Cost Carrier Cebu Pacific (CEB) has signed agreement with ALI Capital Corp., a wholly owned subsidiary of Ayala Land Inc., to acquire full ownership of boutique airline AirSWIFT Transport Inc. for a transaction valued at P1.75 billion (US$32,250,000 million) through share purchase deal.

According to PSE disclosures, ALI stated the agreement was reached through arm’s-length negotiations, taking into consideration AirSWIFT’s aircraft lease payments, manila airport slot allocations, and rights to land at El Nido' private airport.

The share swap deal involves a one-time cash payment that will be held in escrow at Bank of the Philippine Islands, to be released once all post-closing conditions, such as approval of the Competition Commission, Civil Aeronautics Board, Manila International Airport Authority, and the Civil Aviation Authority has been met, and share price adjustments outlined in the share purchase agreement (SPA) are fulfilled.

CEB said there will be no changes in Airswift flight schedule and services, as it will simply become another airline subsidiary of Cebu Pacific, like Cebgo, bought from Southeast Asia Airlines (SEAIR).

"With this transaction, we are hopeful the expertise of Cebu Pacific will bring lower cost options and greater accessibilty to El Nido", ALI Capital President Alfonso Javier Reyes said in  a statement.

Airswift operates a pair of ATR 42-500 and thre ATR72-600 turboprop aircraft.

Cebu Pacific said the acquisition will widen their network and improve connectivity for both local and foreign travelers, helping grow businesses and local communities in key tourist hotspots.

“We are excited to play our part in increasing accessibility to local destinations that have high potential and are world-renowned for having some of the best beaches in the world," said Cebu Pacific President and Chief Commercial Officer Xander Lao.

Cebu Pacific and Ayala land previously confirmed their discussion on the sale of Airswift to Cebu Pacific as early as July 2024.

Airswift Extends Wing to Panglao

4 April 2019

AirSWIFT has added a new domestic link between El Nido (ENI) and Bohol-Panglao (TAG) on 25 March. The regional airline operates the route four times weekly using its fleet of ATR 72-600s every Mondays, Wednesdays, Fridays and Sundays. No other carrier presently operates between the two airports.

AirSWIFT transported 269,511 scheduled passengers in 2018, up from 179,337 in 2017. It flies from Manila, Clark, El Nido, Busuanga, Cebu, Basco and Puerto Princesa. It is the fastest growing airline in the country in 2018 with a fleet of four ATR72-600s.

AirSwift Anyone?

ITI has a new name, and its not Hotdog!

5 December 2015

Charter operator Island Transvoyager, Inc (ITI Air) incorporated in 2002 has officially changed its name to AirSwift after securing regulatory approvals and is now a full blown airline.

The airline, bought by Ayala Capital Corporation in 2012 from its previous owner Andres Soriano Corporation, was incorporated to transport guests from Manila to El Nido’s island beach resort in Palawan, beginning with a fleet of 19-seater Dornier 228-212 turboprops.



The introduction of Ayala Corporation into the company saw its changed its fleet to a much bigger 50-seater ATR 42-500 (c/n 689,RP-C4201) let from Nordic Aviation Capital in 2012. The second ATR (RP-C4200) was added recently to support its growing route network.

The company has ordered 1 ATR 42-600 making it the first airline operator of the newest variant in the Philippines.

SwiftAir regularly flies scheduled flights From Manila to Coron and Balesin. It introduced last week November 26, extension of its El Nido flights to Cebu and vice versa. It intends to add Manila-Sicogon service beginning March 2016.