Newly approved low-cost carrier, Tiger Airways Philippines, said on Thursday that it is willing to spend $15 million in working capital for 2013.
The carrier also plans to increase its revenue forecast to P5 billion for this year, three times higher than 2012.
“I think the investment is more on the working capital. I think in terms of working capital were looking about $15-million working capital for this year, to cover everything including [the maintenance],” said Olive Ramos, president and chief executive officer of Tiger Airways.
“We are confident that this growth can be supported by the bullish tourism targets of the Department of Tourism and the increasing number of travelers from wider segments of the society,” she added.
The carrier will aim for leadership by pioneering target destinations and expanding its route network, through offering safe and reliable flights and sincere service to its passengers.
The carrier will become the first to service the Kalibo to Singapore route. The airline will fly Kalibo-Singapore every Monday, Thursday and Saturday starting July 18, 2013. An additional Friday flight will become available from August to October this year.
At present, Tiger Airways Philippines flies to Singapore, Bangkok, Hong Kong and local destination such as Clark, Laog, Bacalod, Kalibo, Cebu, Tacloban and Puerto Princesa.
Tiger Airways Philippines maintains hubs in Clark International Airport and Terminal 4.
“We give value for their money by configuring our planes with less seats than most airlines, allowing passengers to have more leg room,” Ramos said.
Tiger Airways Philippines currently has a fleet of three A320 and two A319 aircrafts. Tiger Airways Holdings announced that it has a plan to have a fleet in 25 aircraft in the next three for five years.
“There is no over supply [of low-cost players]at this point, because its only now you see the middle class is growing,” Ramos said.
Based on the statistics of the Department of Transportation and Communications, the increase in domestic travel is bigger than the increase in international travel.