golden palasyo New year, new jets for rich Filipinos

Image: Grafissimo/IStock.com via AFP Relaxnews

MANILA, Philippines — A good number of rich Filipinos and corporations are expected to upgrade their aging private jets this year as they seek increased convenience and comfort when flying here and abroad for business, according to French aerospace company Dassault Aviation.

The business jet manufacturer, in an interview with the Inquirer, said there was a “demand in the Philippines to replace older aircraft.”

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Based on a report by aviation consultancy firm Asian Sky Group, the average fleet age of private aircraft in the Philippines was 15.2 years or two years older than the rest of the business jets in Asia-Pacific.

FEATURED STORIES BUSINESS New year, new jets for rich Filipinos BUSINESS DoF: Landbank, DBP financially strong despite Maharlika investments BUSINESS 10 home improvement hacks for maximizing minimal spaces

READ: Demand for private jets on the rise

Policymakers voted 11-to-1 in favor of dropping the central bank’s benchmark rate to between 4.75 percent and 5.00 percent.

The report said there were 48 business jets in the Philippines by the end of 2023, most of which were Gulfstream G650ER, G150, G450 and Textron CJ4 and Citation Excel.

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Dassault noted that most private planes were also small to medium-sized models.

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“We see potential for businesses and individuals to upgrade to larger and longer-range jets,” it added.

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One of its models is the Falcon 6x, which can carry 12 to 16 passengers.

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“We see the market is stable and that because there is confidence in the market, due to the economy, more businesses in the Philippines are interested in acquiring a business jet,” Dassault said.

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READ: Fast-flying PH-based execs add lift to bizjet demand in Southeast Asia

“They see the value — in terms of time savings and convenience — in having a corporate jet to fly executives domestically and internationally,” it added.

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