Cebu Pacific (PSE: CEB), the biggest airline in the Philippines, has announced a new agreement to provide wet lease services to Vietnam Airlines, Vietnam’s main airline.

According to the press release issued on July 16, 2026, the deal involves lending one Airbus A320neo airplane (powered by Pratt & Whitney engines) to Vietnam Airlines for nearly two months, from July 15 to September 7, 2026.

What is a Wet Lease?

A wet lease is like renting a plane that comes with everything needed to fly it – the aircraft itself, the pilots, and the cabin crew. It’s different from just renting an empty plane. In this case, Cebu Pacific is providing the complete package to Vietnam Airlines.

How Will the Plane Be Used?

The aircraft will be stationed in Ho Chi Minh City, Vietnam’s largest city, and will fly passengers on domestic routes within Vietnam. These routes include flights between Ho Chi Minh City and several Vietnamese cities: Cam Ranh, Phu Quoc, Vinh, and Da Nang. Even though the plane will be painted in Vietnam Airlines colors and used for their flights, it will still be flown by Cebu Pacific’s own pilots and cabin crew.

Why Is Cebu Pacific Doing This?

Mark Cezar, Cebu Pacific’s Chief Financial Officer, explained that air travel in Vietnam and Southeast Asia is growing rapidly, creating more demand for flights. He noted that this partnership allows Cebu Pacific to use its planes efficiently, especially during times when there’s lower demand for flights in the Philippines.

Cezar also highlighted that this agreement helps Cebu Pacific make money in different ways – not just by flying their own passengers, but by helping other airlines too. This lets them expand their business in one of the world’s fastest-growing aviation markets.

Cebu Pacific’s Experience with Wet Leases

This isn’t the first time Cebu Pacific has been involved in wet lease agreements. The company has experience on both sides of these deals:

• In 2024, Cebu Pacific signed a “damp lease” agreement with Bulgaria Air to bring in two A320ceo aircraft to help meet the growing number of travelers in the Philippines after the pandemic.
• In 2025, Cebu Pacific provided wet lease services to flyadeal, a budget airline from Saudi Arabia, supplying two A320 aircraft during the busy summer travel season in the Middle East.

About Cebu Pacific

Cebu Pacific is the largest airline in the Philippines, flying to 35 destinations within the country and 26 international destinations across Asia, Australia, and the Middle East. The airline operates from multiple hubs including Manila, Cebu, Clark, Iloilo, and Davao.

The company currently operates a fleet of 100 aircraft, which includes Airbus A320, A321, A330, and ATR planes – making it the youngest jet fleet in the Philippines.

In 2024, Cebu Pacific made headlines by signing the largest aircraft purchase agreement in Philippine aviation history with Airbus and Pratt & Whitney. The deal is for up to 152 A321neo aircraft (with a minimum commitment of 70 planes), valued at approximately $24 billion USD (PHP 1.4 trillion) based on list prices for the full order.

The airline has received several awards, including Best Airline at the 2025 Route Asia Awards, Asia’s Low-Cost Airline of the Year by Centre for Asia Pacific Aviation (CAPA), and ASEAN’s Strongest Airline Brand by Brand Finance. Cebu Pacific also earned an ESG (environmental, social, and governance) score of 46 from S&P Global for its sustainability efforts.

This article is based on the company’s official press release and disclosures filed with the Philippine Stock Exchange’s Electronic Disclosure Generation Technology (PSE EDGE) system. For the complete and official version of the announcement, readers may visit the PSE EDGE website and search for the company’s filing directly.