MANILA, Philippines - Cebu Air Inc., which operates under the trade name Cebu Pacific Air, is going to spend $1.4 billion to purchase 22 brand-new Airbus aircraft for delivery between now until 2014.

At a press briefing yesterday, airline president Lance Gokongwei said three Airbus A320s will be delivered in the last quarter of the year; another three will be delivered starting June towards the end of the second half of 2011; four units by 2012 ; seven by 2013; and five by 2014.

By the end of 2014, Cebu Pacific’s fleet size would have grown to 51—composed of 10 Airbus A319s, 33 Airbus A320s, and eight ATRs. The airline now has 10 Airbus A319s; 11 Airbus A320s; and eight ATRs for a total of 29 aircraft.

“By 2014, Cebu Pacific will have the largest Airbus A320 fleet in the Philippines, and the second-largest in Southeast Asia. Cebu Pacific will also double its seating capacity in the next five years,” said Gokongwei.

The airline has so far registered P7.2 billion in revenues for the first quarter of the year, up 35% from the first quarter figures of 2009. For the entire year, Cebu Pacific posted a net income of P3.2 billion in 2009. Gokongwei said the airline will “strongly exceed its 2009 performance” this year.

“We expect revenues to grow by at least 30% this year and our operating earnings to grow at a faster rate than that,” added Gokongwei.

The new aircraft will augment the airline’s plans to increase frequencies to its existing routes; connect the dots between existing routes within which the airline already operates; and aggressively expand the number of destinations domestically and internationally.

At end 2009, the airline flies to 14 international destinations (Bangkok, Guangzhou, Hong Kong, Incheon, Jakarta, Kuala Lumpur, Kota Kinabalu, Macau, Pusan, Osaka, Ho Chi Minh, Shanghai, Singapore and Taipei) and 32 domestic destinations (Bacolod, Busuanga, Butuan, Cagayan de Oro, Calbayog, Catarman, Caticlan, Cauayan, Cebu, Clark, Cotabato, Davao, Dipolog, Dumaguete, General Santos, Iloilo, Kalibo, Laoag, Legaspi, Manila, Naga, Ozamis, Puerto Princesa, Roxas, San Jose, Siargao, Surigao, Tacloban, Tagbilaran, Tuguegarao, Virac and Zamboanga).

The airline, said Gokongwei, may fly to new destinations in China, South Korea and Japan, said Gokongwei.  “We will announce new international routes and destinations in the next few months,” he added.

Cebu Pacific will tap the European Export Credit Agencies to partly fund the purchase of the new aircraft. On top of that, Cebu Pacific will also source payment from internally generated funds and may even tap proceeds from the initial public offering (IPO), which, to date, remained unimplemented pending market conditions.

“Aircraft expansion does not depend on the IPO. We are looking at a combination of European credit and internal funds and possibly IPO as a potential source of payment for the aircraft,” said Gokongwei.

The planned IPO has been indefinitely shelved again. Gokongwei said it would be “better to do it after elections.”

Cebu Pacific has already carried more than 40 million passengers since 1996. At end 2009, the airline transported a total of 8,737,738 passengers with a load factor of 79%. Of the total passengers carried, 7,238,787 traveled within the country and 1,498,951 went to other countries.

This year, the airline’s target is to transport 10 million passengers. Gokongwei said Cebu Pacific is on track at achieving the numbers as it has already recorded a total of 2,442,377 passenger volume for the first quarter of the year, up 23% in the same period a year earlier.

Cebu Pacific expects to register 13 million passengers in 2012 and a total of 15 million by 2013. Of the 15 million target, it projects that 12.1 million passengers will come from its Manila hub; 2.3 million from its Cebu hub; 300,000 from Davao hub; and 400,000 from Clark.