AirAsia will launch a Philippines-based low-cost airline joint venture in the third quarter of 2011. AirAsia will invest a 40% stake in new airline company AirAsia Inc through its wholly-owned subsidiary AirAsia International. The remaining 60% will be invested by Antonio Cojuangco Jr, Michael Romero and Marianne Hontiveros. AirAsia has agreed to provide technical, operational and commercial support to AirAsia Inc, which will compete directly with Cebu Pacific.

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