There's no way but up for the Philippine 's most aggressive low-cost airline.

In a statement, Cebu Pacific boasted that Airline Business Magazine's May issue has cited the Gokongwei-led carrier as third largest in Asia and 22nd in the world.

The aviation magazine also cited Cebu Pacific as the fastest growing carrier in Asia for posting a 23 percent increase in its 2008 total passengers. It flew 6.7 million last year compared to 5.5 million the year before. The magazine based this on traditional aviaiton industry measures, including passenger carriage and revenue passenger per kilometer.

“Our continued growth can be attributed to the increase in our seat capacity and trademark low fares, which are big factors especially during these difficult economic times,” company president and CEO Lance Gokongwei said. He added that with new destinations within the country and in other Asian countries, the company hopes to reach a record 9 million passengers this year.

Cebu Pacific is the second largest airline in the country, next to legacy carrier Philippine Airlines, which dominates profitable international routes, including the prime overseas Filipino workers' destinations, the United States and Middle East.

Cebu Pacific has a fleet of brand new Airbus aircrafts delivered a just few years ago. It has 10 A319s, 11 A320s, and 8 turbo-prop ATR72 aircrafts.