Approved by its Board, Cebu Air, Inc.'s Equity Restructuring

The Board of Directors of Cebu Air, Inc. (Cebu Pacific) approved a restructuring plan to use the Corporation’s additional paid-in capital, amounting to Twenty Billion Six Hundred Fifty-Eight Million Five Hundred Fifty-Two Thousand Two Hundred Forty-Three Pesos (P20,658,552,243.00), as shown in the audited financial statements as of December 31, 2023, to eliminate the retained earnings deficit (Deficit).

The Corporation has approved the proposal to eliminate the Deficit amounting to Sixteen Billion Two Hundred Sixty-Nine Million One Hundred Eighty-Nine Thousand Two Hundred Seventy Pesos (P16,269,189,270.00), by applying a portion of its additional paid-in capital. After the Deficit is completely eliminated, the Corporation’s additional paid[1]in capital as of December 31, 2023, will be reduced to Four Billion Three Hundred Eighty-Nine Million Three Hundred Sixty-Two Thousand Nine Hundred Seventy-Three Pesos (P4,389,362,973.00).

Cebu Air, Inc. (CEB) was founded on August 26, 1988, as an airline operating under the trade name "Cebu Pacific Air." CEB established the "low fare, great value" strategy in the local aviation industry. In 2005, the company embraced the low-cost carrier business model, which aims to provide passengers with economical aviation transportation.

In 1991, the company was granted a 40-year legislative license to provide international and domestic air transportation services. CEB began scheduled passenger operations in 1996 with its maiden domestic trip from Manila to Cebu. International operations began in 2001, with flights from Manila to Hong Kong.

As of December 31, 2022, CEB's route network includes 70 domestic routes and 22 international destinations, with a total of 2,694 planned weekly flights. Ninoy Aquino International Airport Terminals 3 and 4 in Pasay City; Mactan-Cebu International Airport in Lapu-Lapu City, Cebu; Diosdado Macapagal International Airport in Clark, Pampanga; Davao International Airport in Davao City, Davao del Sur; Ilo-ilo International Airport in Ilo-ilo City; Kalibo International Airport in Kalibo, Aklan; and Laguindingan Airport in Misamis Oriental.