CEBU AIR, Inc., the operator of Cebu Pacific, has signed a wet lease agreement with Vietnam Airlines, under which it is going to provide an aircraft and crew to the Vietnamese flag carrier.
“As Cebu Pacific’s fleet continues to expand, we’re well positioned to deploy our capability where it is required most, including through strategic wet lease partnerships in periods of lower demand within the Philippines,” Cebu Pacific Chief Financial Officer Mark Julius V. Cezar said in a regulatory filing on Thursday.
The agreement covers the deployment of 1 Airbus A320neo (recent engine option) aircraft powered by Pratt & Whitney engines.
Vietnam Airlines will operate the aircraft from July 15 to Sept. 7, Cebu Pacific said.
“Vietnam and the broader Southeast Asian market proceed to see strong growth in air travel, creating opportunities for airlines to collaborate more closely in meeting demand,” Mr. Cezar said.
The aircraft will probably be based in Ho Chi Minh City and operated by Cebu Pacific’s pilots and cabin crew. It is going to serve domestic routes linking Ho Chi Minh City with Cam Ranh, Phu Quoc, Vinh, and Da Nang.
“This collaboration with Vietnam Airlines enables Cebu Pacific to broaden its role beyond passenger operations by providing operational support to airlines across the region. It also creates recent opportunities to diversify our revenue streams while expanding our presence in one in all the world’s fastest-growing aviation markets,” Mr. Cezar said.
Cebu Pacific said the agreement demonstrates its capability to enter into wet lease arrangements with other airlines as each a lessor and a lessee.
The budget carrier previously entered into damp lease agreements with Bulgaria Air. In 2023, it leased two Airbus A320ceo (current engine option) aircraft to assist meet travel demand within the Philippines.
In 2025, Cebu Pacific again entered into a moist lease agreement with Bulgaria Air to reinforce its fleet throughout the peak travel season.
Under the agreement, two Airbus A320ceo aircraft served domestic routes between Manila and Cebu, Davao, Iloilo, and Cagayan de Oro from December 2025 to January 2026.
A moist lease allows the lessor to supply aircraft, crew, maintenance, and insurance, although unlike a wet lease, the cockpit crew could also be supplied by the lessee depending on the arrangement.
Cebu Pacific said it operates a fleet of 14 Airbus A330s, 27 Airbus A321s, 40 Airbus A320s, and 20 ATR turboprop aircraft.
The airline has said it expects so as to add seven aircraft to its fleet this yr.
For the primary quarter, Cebu Air, Inc. posted a net loss attributable to equity holders of the parent of P419.94 million, reversing the P465.90-million attributable net income recorded a yr earlier as operating expenses increased. — Ashley Erika O. Jose