In line with efforts to expand in the region, low cost carrier AirAsia Philippines is seeking regulatory approval to mount additional flights to Taiwan. In a notice of application filed to the Civil Aeronautics Board, AisAsia Philippines sought additional allocation of 1,260 seats per week for flights to Taipei from Manila. This is in accordance to the existing Economic Cooperation Agreement between the Philippines and Taiwan. The CAB will decide on the matter by Feb. 15 this year.
Joy Cañeba, AirAsia Philippines CEO, said in an earlier interview that the airline was beefing up its business to prepare for an initial public offering, possibly in 2018. Air Asia Philippines signaled that it would resume expanding its fleet in the Philippines to better compete with local rivals Cebu Pacific and Philippine Airlines.
The Philippines remained a key market for the group according to Tony Fernandes founder of the AirAsia group. Its local partners include businessmen Alfredo Yao, Marianne Hontiveros, Antonio Cojuangco Jr. and Michael Romero.
Air Asia Philippines also wants to expand in China and South Korea, and start flying to Japan late this year. Cañeba said the company was increasing its capitalization from P2 billion to P5 billion. It will also lease five more Airbus A320s this year, adding to its fleet of 12 Airbus A320s.
The carrier, which has been losing money since it started in 2012, expects to begin posting its first full-year profit in 2016, Cañeba said.