Cebu Air secures $160m export credit loan

Cebu Air, operator of low-cost carrier Cebu Pacific, has borrowed $150 million to $160 million from foreign banks to part finance its order for four A320s to be delivered later this year. “We borrowed because we are taking four planes this year. We are borrowing around 85 percent, probably $150 million to $160 million. We signed up with banks but they are guaranteed with credit export and import agencies,” said Cebu Pacific Ppresident Lance Gokongwei.