Cebu Pacific’s Fuel Bill Delivers Another Headache for the Gokongwei Group, Convertible Bond "Judith" is May 10, 2027

Passenger traffic and revenue increased, but not enough to absorb soaring fuel costs, a weaker peso and the financial burden of an expanding aircraft fleet.

Cebu Pacific Air spent the first half of 2026 selling more tickets and collecting more revenue. It still lost nearly ₱5.9 billion.

The reversal exposes a growing problem for the budget airline and its ultimate parent, the Gokongwei family’s JG Summit Holdings: Cebu Pacific’s low-fare model couldn’t raise enough revenue from each flight to keep pace with the sudden increase in the cost of flying it.

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The Ayalas didn’t “lose” Alabang Town Center—They cashed out like disciplined capital allocators

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