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Manila Bulletin devider Philippines devider National devider AirAsia pledges $1-B investment for PH expansion

AirAsia pledges $1-B investment for PH expansion

Published Jul 28, 2023 07:25 am
President Ferdinand "Bongbong" Marcos Jr. has expressed his appreciation to Malaysian low-cost airline AirAsia after it expressed its intention to expand its operations in the country.
*File photo*

Marcos said this after Capital A Berhad CEO Tan Sri Anthony Francis Fernandes pledged to invest $1 billion to expand operations in the Philippines. In a roundtable during his State Visit to Malaysia, the President said he was delighted that AirAsia has a "very good prospect for the Philippines." "Thank you. We're all very happy that you have such good – you see such good prospects for the Philippines," he said. AirAsia is the fourth-largest airline in Asia. According to Trade Secretary Alfredo Pascual, Fernandez signed a letter of intent, indicating expansion plans for his business in the Philippines, specifically for aviation and aviation maintenance, repair and overhaul operations, Air Asia super app, and logistics operations in the country. Fernandez said Capital A Berhad has to bounce back and restructure its businesses to get back to the pre-pandemic levels. "We're excited about what we can do in the Philippines and really stimulate small, medium enterprises. We think we can bring a lot of value to the Philippines on logistics," Fernandez told President Marcos during the roundtable meeting in Malaysia. "So, over the next few years, we think we'll invest about $1 billion into the Philippines. We have about $300 million so far. We want to grow our aircraft from 23 to 50, including wide-body aircraft. We are just applying for the license now," he added. According to Fernandes, doing business in the Philippines has always been a pleasure as he reiterated his commitment to the administration.

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Bongbong Marcos Air Asia invest in PH PBBM in Malaysia President Marcos
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