News Release

PhilJets to post over 100% growth, plans to continue expansion in 2018

PhilJets, the fast growing business aviation startup has been striving to end 2017 at the same rate it started the year. Indeed, the Philippine operator started last year with its entry into the business jet segment by adding a Cessna Citation XLS+ to its fleet and ended 2017 with the addition of an additional Cessna Citation business jet.

This confirms the company's plan to play a role in the region's business aviation's scene. Indeed, PhilJets has also been working on upgrading its license capability from the Philippine civil aviation authority to evolve from a non-scheduled domestic to a non-scheduled international carrier, a necessity when entering the jet market.

With its fifth year anniversary to be soon celebrated this year, the business aviation operator aims to continue adding more aircraft to its expanding fleet to cater to its growing customer base, both local and international. Indeed, PhilJets has surpassed its target sales revenues of PhP 160 million by reaching close to PhP 200 million of sales, though costs were also significantly higher due to trainings recurrencies, overhead, maintenance and operations costsincreases.

From six aircraft in 2016 to 11 aircraft under its management by end 2017, the assets value under the portfolio of PhilJets has increased to more than PhP 3.8 billion (USD 77 million), which is equivalent to close to a four times increase from the previous year. The latest addition to the fleet are two helicopters (a Bell 407 GX and an Airbus H145) and three fixed wing aircraft in the form a Bombardier Challenger 350 and two Cessna Citation XLS+.

PhilJets is looking forward to adding four to five aircraft to the fleet that will exceed PhP 4.5 billion (USD 90 million) in asset value under management within 2018 in order to increase its capacity to better serve its customers at the different segments of the market. “We need both lighter single engine and lighter twin-engine helicopters in our fleet, as well as a good twin-engine turboprop fixed wing. These are our main objectives for this year, " explains Choy Elciario, who leads the charter activities of PhilJets. “Customers also frequently require some aircraft types or brands that we do not yet have and we are working on addressing these requests,” adds Geoffroy Cahen, head of sales and marketing.

With five new pilots, with an average of 25 years of remarkable experience, having joined the company in the last year, the aviation startup has now reached more than 60 high skilled employees. PhilJets Group also concluded the year with a recognition from Asia Pacific organization Enterprise Asia. Founder, chairman and CEO Thierry Tea has received an award for entrepreneurship outstanding performance in the Transportation and Logistics Industry last December in Makati Shangrila, among other distinguished awardees such as tycoons Dennis Uy of Chelsea Shipping and Udenna Corp or Robert Yupangco of Yupangco Group.

In 2018, PhilJets is preparing to launch a few projects and will venture into new partnerships. The company is also looking into expanding in the education, logistics and tourism sectors, with the aim of opening bases in the provinces.

“It is very challenging to manage growth for a startup in aviation. We are looking at innovating opportunities and the best way to develop them while always keeping safety and customer service as our core priorities. Our team is really exceptional despite the many obstacles and everyday issues. We are happy to demonstrate that we positively embrace the steady growth of the Philippine economy and contribute by playing our humble part in the development of the business aviation and tourism sector,” chairman Thierry Tea concluded.