Manila (Philippine Daily Inquirer/ANN) - The Philippine unit of regional aviation giant Air Asia will be flying out of Clark Freeport in Pampanga province by the third quarter of next year as the company aims to dominate the highly competitive air travel industry in the Philippines.
Businessman Antonio 'Tonyboy' Cojuangco, Michael Romero and Maan Hontiveros will each own 20 per cent of the new airline - Air Asia Philippines. The group will partner with Malaysia's long-haul budget airline Air Asia X, which will own 40 per cent.
Cojuangco and Romero were named chairman and vice chairman, respectively, while Hontiveros was appointed the firm's president and CEO.
"There's a massive market here," Air Asia X founder and CEO Tony Fernandes said in a briefing, adding that the airline's maiden flight would take place in September 2011.
The company plans to launch regional flights at first, while it studies the viability of domestic flights in the country, Fernandes said.
The company is considering flights to and from the west coast of the United States. At present, flag carrier Philippine Airlines (PAL) is the only one that operates flights between the United States and the Philippines, he added.
Air Asia Philippines, which will have an initial capital of US$25 million, will be the Malaysian group's third affiliate outside of its home country. The airline group already has units operating in Indonesia and Thailand.
"There is no overcapacity in the Philippines. I believe that the pie is big enough for all airlines," Fernandes said, reacting to a recent statement by PAL that the entry of Air Asia could lead to price wars among the airlines operating in the country.
The pressure on prices and profit margins, PAL president Jaime Bautista said, could result in a slowdown in investments and deterioration of services to the public.
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