Cebu Pacific (CEB) has refunded P2.7 billion out of P4.8 billion total requests for its COVID-19-related cancelled flights, the airline reported last night (November 5, 2020).

The airline continues to process a high volume of requests and has refunded an additional P300 million since its last update over a month ago.

Right now, CEB is processing refund requests filed in June.

To ensure CEB continues to provide affordable and accessible air transport services in the years to come, it is working to raise P24.45 Billion fresh capital this November.

"Rest assured, we remain fully committed to close off pending refunds at the earliest possible time," according to the airline's statement.

"Updates will be provided to our passengers once their requests have been processed."

"We understand how difficult this situation is for everyone and we sincerely apologize for the delay," the CEB statement continued.

'As the aviation industry gradually restarts and reshapes amidst this new normal, we hope for your continued patience and understanding."

Refunds may still take up to six months from the time the request was filed, according to CEB.

"We are continuously enhancing our processes for a better overall customer experience."

After earning P7.14 Billion in the first semester of 2019, CEB bled P9.14 billion this year and revenues plunged from P44.7 billion to P17.3 Billion.

In order to survive, CEB has to operate at least 50 percent of its capacity but could only manage 10 percent when it resumed flying after three months of lockdown.

From 450 flights per day, it went down to 40 to 50 flights daily.

After stashing away at least nine of its 76 planes in a boneyard in the Australian desert, CEB plans to store more of its fleet, having already delayed or cancelled its order of over 30 new Airbus aircraft.