Cebu Pacific Air Chooses CIT for A330 Leases

Pasay–(PHStocks)–The Philippines’ largest national flag carrier, Cebu Pacific Air (PSE: CEB) signed operating lease agreements on four new Airbus A330-300 aircraft with CIT Aerospace, a unit of the CIT Group Inc. (NYSE: CIT).

CEB’s four Airbus A330-300 aircraft will be delivered from 2013 to 2014, and will be powered by Rolls-Royce Trent 772B engines. CEB earlier announced it will commence long-haul flights in the third quarter of 2013. This will allow the airline to serve new markets beyond the range of CEB’s current fleet of Airbus A320 aircraft.

Alex Reyes, CEB General Manager for the Long-Haul Division, said, “These Airbus A330-300 aircraft will allow us to offer our trademark low fares to  an even wider market. With the introduction of wide-body aircraft into our fleet, we could offer non-stop services into Australia, India, the Middle East and parts of Europe and the US.”

Since its inception in 1996, CEB has flown over 60 million passengers. It also posted a good track record in stimulating short-haul travel of passengers around Asia, with a 14% system-widepassenger growth in 2011.

CEB currently offers 19 international destinations, namely Bangkok, Beijing, Brunei, Busan, Guangzhou, Hanoi, Ho Chi Minh, Hong Kong, Incheon (Seoul), Jakarta, Kota Kinabalu, Kuala Lumpur, Macau, Osaka, Shanghai, Siem Reap, Singapore, Taipei and Xiamen. It also operates the most extensive network in the Philippines with 33 domestic destinations and hubs in Manila, Cebu, Clark and Davao.

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