News
Cebu Pacific secures US$330 million loan facility
March 5th 2021
Cebu Pacific Air (CEB) said today it had secured a 16 billion peso (US$330 million) 10-year loan facility with a syndicate of Philippine banks. Read More » The company said in a regulatory filing to the Philippine Stock Exchange (PSE) the proceeds would be used to fund capital expenditure and general corporate purposes, as well as "provide a cushion against unexpected working capital requirements" due to fuel price and foreign exchange volatility. "Cebu Pacific remains focused on its business transformation to reduce its unit cost so as to continue to offer affordable flights and remain as our country’s airline for every Juan,” CEB CEO, Lance Gokongwei, said. CEB said the loan was equally supported by government financial institutions and private sector domestic banks, specifically Development Bank of the Philippines (DBP), Land Bank of the Philippines (LBP), Asia United Bank Corporation (AUB), Bank of the Philippine Islands (BPI), Metropolitan Bank and Trust Company (MBTC) and Union Bank of the Philippines (UBP).
