Leading commercial airlines in the Philippines
The aviation industry is a significant contributor to the Philippine economy, with air transportation accounting for over 95 percent of tourist arrivals to the country in the years prior to the pandemic. Following a slump in air travel demand, airlines in the Philippines have bounced back after experiencing losses. The country’s flagship airline, the Philippine Airlines, generated revenue figures surpassing pre-pandemic values as it dominated international passenger traffic. Meanwhile, low-cost airline Cebu Pacific served the highest share of domestic passengers in the Philippines in 2023, which contributed to its revenue increase. Malaysian low-cost airline AirAsia also reported revenue growth in 2022, although it remains lower than its pre-pandemic performance.Meanwhile for domestic airfreight forwarders, AP Cargo Logistics Network Corporation held the majority of the market share at about 30 percent, followed by LBC Express. Among international players, Nippon Express Philippines Corporation had the highest volume of cargos carried in 2023. Although domestic trade is carried mostly by water transport, the majority of commodities traded through air were food and live animals in 2023.