Cebu Pacific is set to achieve record results for the last financial year, said Lance Gokongwei, president and chief executive of the Philippines' first budget airline.
"We have about 58 to 60 percent of the domestic market now … And naturally, we benefited from lower oil prices, so we did very well last year," Gokongwei told CNBC's "Managing Asia."
Most of those record profits will be re-invested into acquiring planes with higher fuel efficiency, which will in turn result in more competitive airfares for Cebu Pacific customers, Gokongwei added.
The budget airline is part of JG Summit Holdings, the second largest conglomerate in the Philippines which began as a simple corn starch plant. As president and COO of conglomerate JG Summit Holdings, Gokongwei also holds various leadership roles in the JG Summit's fast-moving consumer goods and property arms.
As premium airlines in the region run into turbulence, Cebu Pacific is going all in with a twofold strategy aimed at improving competitiveness.