Philippines AirAsia
Philippines AirAsia, Inc. is a low-cost airline based at Ninoy Aquino International Airport in Metro Manila in the Philippines. The airline is the Philippine affiliate of AirAsia, a low-cost airline based in Malaysia. The airline started as a joint venture among three Filipino investors and AirAsia Investments Ltd., a subsidiary of AirAsia Berhad. It is a successor to Zest Airways, Inc. In 2013, a share swap agreement with Zest Airways added Alfredo Yao of Zest-O Corporation as an additional owner of the company. Zest Airways was rebranded as AirAsia Zest and operated as a separate  brand from AirAsia until merged into Philippines AirAsia in January 2016. The original group of Philippine investors included Antonio O. Cojuangco, Jr., former owner of Associated Broadcasting Company and owner of Dream Satellite TV; Michael L. Romero, a real estate developer and port operator; and Marianne Hontiveros, a former music industry executive and TV host. History. Since Section 10, Article XII of the Philippine Constitution forbids 100% foreign ownership of a Philippine-registered business, Malaysian investor Tony Fernandes entered into a 40-60 joint venture with a group of Filipino business people, with 40% belonging to Philippines AirAsia and 60 % for Malaysia AirAsia. The joint venture application was approved on 7 December 2010 by the Board of Investments of the Philippines. On 15 August 2011, AirAsia Philippines took delivery of its first aircraft, a brand-new Airbus A320 which arrived at Clark International Airport in Clark, Angeles City. On 8 November 2011, AirAsia Philippines took delivery of its second A320. On 7 February 2012, the airline received its Air Operator Certificate from the Civil Aviation Authority of the Philippines which gives the airline permission to fly in Philippine airspace. On 8 April 2012, Philippines AirAsia partnered with Victory Liner, one  of the largest provincial bus companies operating in the Philippines, to provide free shuttle service for inbound and outbound passengers of Clark International Airport. On 11 March 2013, an agreement was made between AirAsia Philippines to swap shares with Philippine-based airline Zest Airways. Zest Airways received a mix of $16 million cash and a 13% share in AirAsia Philippines, while AirAsia Philippines now owns 85% of Zest Airways, with 49% of its voting rights. The share swap also gives AirAsia Philippines access to Ninoy Aquino International Airport, allowing further growth of its route network. The deal closed on  10 May 2013, and in 2015, both airlines were formally merged to form Philippines AirAsia. On 30 July 2016, AirAsia Group CEO Tony Fernandes appointed Capt. Dexter Comendador as the new CEO of the company. Comendador joined Philippines AirAsia in 2011 as director of Flight Operations and was promoted to chief operating officer in 2015 before his appointment. Comendador is also famous in the Philippine aviation community as one of the hero pilots of Philippine Airlines Flight 434 who was bombed by the terrorist Ramzi Yousef in 1994. The COVID-19 pandemic has adversely affected Philippines Air Asia's business. Plans  for Philippine AirAsia to debut in the Philippine Stock Exchange within 2020 was deferred in March 2020, with the airline management deciding to focus on expanding its domestic operations after a government ban on China and South Korea in response to the worsening health situation threatening 30% of the airlines' revenue. Fleet. , the Philippines AirAsia fleet consists of the following aircraft: