CEBU PACIFIC SEES IMPROVED CLIMATE

Manila, May 29, 2003 -- Gokongwei-owned Cebu Pacific Air sees better 
prospects in the coming months if the SARS virus scare continues to die down.

Cebu Pacific president and chief executive officer Lance Gokongwei said 
that by July, he expects improvement in traffic especially from Korea.

Gokongwei said that while the SARS scare pulled down international traffic, 
this was offset by improved domestic travel.

Cebu Pacific also slashed fares after oil prices stabilized and to help 
offset the impact of SARS.

Gokongwei earlier said the focus of the airline firm is on domestic routes 
while international routes to Hong Kong, Seoul and South Korea will be 
maintained. Cebu Pacific recorded about 1.9 million passengers last year, 
93 percent of which are from the domestic routes, Gokongwei said.

Reported by: Sol Jose Vanzi

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