Cebu Pacific execs take pay cut amid coronavirus crisis

Cebu Pacific's senior management has voluntarily taken a pay cut to prevent layoffs amidst the financial impact of the coronavirus pandemic.

The airline anticipates losses of up to P4 billion due to travel restrictions and a decline in bookings.

The budget carrier has registered drops of as much as 30% in passengers in February alone.

At the Ninoy Aquino International Airport (NAIA), a total of almost 476,000 passengers were lost in February, with international travel seeing the larger drop.

Cebu Pacific is currently implementing lower airfares to stimulate travel and mitigate financial losses.

This move comes as rival Philippine Airlines has already laid off approximately 300 employees due to the virus's economic impact.

In response to the crisis, aviation authorities have agreed to defer takeoff, landing, and parking fees for local airlines for one year.