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AirAsia will invest US$1 billion to expand its operations in the Philippines
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Thus pledged Capital A CEO Anthony Fernandes in a roundtable meeting organized by the Department of Trade and Industry during President Marcos’ July 25-27 state visit to Malaysia
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Fernandes signed a letter of intent stating his Philippine expansion plans in aviation, aviation maintenance, repair and overhaul, travel platform Air Asia super app, and logistics operations
AirAsia has pledged to invest US$1 billion to expand its operations in the Philippines, Malacañang said in a statement.
Capital A chief executive Anthony Fernandes made the pledge in a roundtable meeting organized by the Department of Trade and Industry (DTI) during President Ferdinand Marcos Jr.’s three-day state visit to Malaysia on July 25-27.
AirAsia is the aviation arm of Capital A (formerly AirAsia Group), a Malaysian investment holding company. AirAsia Philippines is Capital A’s local aviation arm.
“Thank you. We’re all very happy that you have such good – you see such good prospects for the Philippines,” Marcos told Fernandes.
Trade Secretary Alfredo Pascual said Fernandes signed a letter of intent stating expansion plans for his business in the Philippines, specifically in aviation and aviation maintenance, repair and overhaul, travel platform Air Asia super app, and logistics operations.
“We’re excited about what we can do in the Philippines and really stimulate small, medium enterprises … we are excited. We think we can bring a lot of value to the Philippines on logistics,” Fernandes said.
“So, over the next few years, we think we’ll invest about US$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.
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