Ayala Land in talks with Cebu Pacific, other firms about AirSWIFT sale

Ayala Land Inc. is planning to sell boutique airline AirSWIFT Transport and is in talks with several airline operators, including budget carrier Cebu Pacific, as it gears towards solely focusing on its core property business.

In a chance interview with reporters, Ayala Land senior vice president and head of leasing and hospitality Mariana Zobel de Ayala confirmed that the company is in discussions with local airlines regarding the property developer’s plan to sell off AirSWIFT.

“It’s not exclusive in the sense that we are entertaining several…,” Zobel de Ayala said.

“When we started this process, our objective really was what would be the best customer experience. So we thought it would be best to cast a wide net. That's how the process started,” she said, adding that “right now, we are progressing with our talks with Cebu Pacific.”

Zobel de Ayala clarified that “the terms are not confirmed yet.”

“I think the principle is really that our core competency is in kind of developing land… so we hope to continue focusing on that,” she said.

Ayala Land chief finance officer Augusto Bengzon said in another interview that the company expects to disclose a definitive development concerning the matter “around this time next month.” 

Bengzon added that not having direct control over AirSWIFT will not directly affect tourist travel to their estates in different locations.

“For our Lio estate, we still own the airport there, and we would want them to continue, or whoever ends up purchasing AirSWIFT would need to fly to service our properties and our resorts in Palawan. It's one of the requirements,” he said.

In an earlier disclosure, Cebu Pacific confirmed that it was in talks with Ayala Land but said that “nothing definitive has been agreed upon.”

“Cebu Pacific is always on the lookout for opportunities to grow and expand its network, including partnerships with other parties,” the budget airline said.

AirSWIFT, formerly Island Transvoyager Inc., is a fully owned subsidiary of Ayala Land.

In 2012, the Ayala Group acquired 60% of the airline and took full control of it the following year after purchasing the remaining 40% of the carrier from Asian Conservation Co.

AirSWIFT provides services to popular tourist destinations and manages a small fleet of turboprop planes.

As a boutique airline, AirSWIFT provides customized services to its passengers by connecting them directly to Ayala Land’s Palawan resorts, such as El Nido Resorts and Lio Hotels.

The airline also flies from Manila and Clark to Sicogon Island, Boracay, Bohol, Cebu, and Romblon. — VBL/ VAL, GMA Integrated News