Last updated on May 6th, 2021 at 09:12 am
MANILA – Philippine’s Budget carrier Cebu Pacific has announced that they will be laying off more than 1,000 employees, in the single biggest retrenchment in the local airline industry as the effects of the coronavirus disease 2019 (Covid-19) pandemic continues to wreak havoc in the economy.
Cebu Pacific communications director Charo Logarta Lagamon in a statement, called the move “rightsizing” as the airlines is undergoing a transformation process that would secure the survivability and sustainability of the business.
Cebu Pacific flights resumed June 04, 2020.
As the travel recovery expected to happen over a longer period of time, Cebu pacific expects the travel demand and government restrictions to continue to decline.
Logamon said that the details are still being finalized, however she confirmed that the layoffs will be accross the company and will be affecting atleast 30% of the 4,000-member workforce. Cebu Pacific earlier this year laid off 150 newly-hired cabin crew. The airline also suffered P1.18 billion net loss in the first quarter while revenue tumbles to 25% from P21.77 billion to P15.91 billon in the first quarter.