THE Board of Investments (BoI) has approved an air transport project under the public infrastructure and logistics activity of the 2017 Investment Priorities Plan (IPP).
In a staement, the agency identified the project as Cebu Air, Inc.’s P6.1 billion acquisition of one Airbus A330 to add to its current fleet of 58 aircraft.
“The growth of the air transport industry remains robust. This will allow Cebu Pacific to further expand its operation as a major budget carrier, stimulating passenger traffic growth with more affordable fares from these strategic routes. More tourists in Asian countries especially from Korea are expected to come in with this new project,” Trade Undersecretary and BoI Managing Head Ceferino Rodolfo said.
The BoI said that based on Department of Tourism data, foreign tourist arrivals had grown by 14.4 percent to around 2.9 million as of the first five months of the year.
In May alone, visitor arrivals reached 532,757, up nearly 20 percent from a year earlier.
The Tourism department has a tourist arrival target of seven million for the year, up 17 percent from 2016.