2024 was a year of remarkable growth for Cebu Pacific. The airline successfully added 24 routes and carried 24.5 million passengers, reflecting an 18% year-on-year growth and contributing to a solid seat load factor of 84.4%. CEB's strategic expansion outside Manila played a key role in its accelerated growth. CEB expanded its hubs in Clark, Cebu, Davao, and Iloilo to both domestic and international flights. It also introduced new destinations, including San Vicente and Chiang Mai. El Nido was added to its network through the acquisition of AirSWIFT in the fourth quarter. By year-end, Cebu Pacific had the widest network in the Philippines, serving 123 routes with over 3,800 flights per week.

CEB was the leader and driver of aviation industry growth in the Philippines in 2024. Its domestic market share for the year strengthened to 54%, an increase from the pre-pandemic levels of 52%. With the growth of our operations throughout the year, this rose further to 58% in the fourth quarter. CEB also outperformed its competitors in the international market, capturing 20.6% of the total global market, which is higher than its 2019 market share. And in the fourth quarter, its international share had risen to 22.5%, making CEB the leading international carrier in the Philippines. These achievements secured Cebu Pacific’s position at the forefront of both the domestic and international markets, solidifying its leadership in Philippine aviation.

Cebu Pacific triumphed over the complexities and challenges amidst the evolving landscape of the aviation industry. Factors such as global supply chain constraints, delivery and maintenance schedules, and engine reliability have required the airline to adapt and innovate. In response, CEB invested in additional aircraft and engines to enhance its operational resilience and ensure a more reliable and efficient service for passengers. 

These initiatives have delivered positive results. CEB's on-time performance improved, averaging 73.6%—an improvement from 71.4% in 2023. CEB also saw notable improvements in customer sentiment, as it ended the year with an average Net Promoter Score of 28, a significant jump from its score of 14 in 2023. CEB also saw higher customer satisfaction scores for airport experience, agent service, and cabin crew service.

Strategic investments in hubs and aircraft have been key catalysts for Cebu Pacific’s growth in 2024. By seizing these opportunities early, it has not only outpaced the competition but also solidified its position as the industry leader. This gives CEB confidence as it continues its rapid growth for 2025. Furthermore, CEB will leverage on its aircraft investments made in 2024, optimizing capacity to meet the growing travel demand. With the expectation that CAPEX will decrease, CEB aims to improve its returns and strengthen its overall financial position.  

Looking ahead, the airline will continue to focus on providing the best value to its passengers, ensuring affordability, safety, and reliability, while upholding its commitment to exceptional service.

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In 2024, RLC successfully completed key projects across its portfolio. The company inaugurated the Opus Mall at Bridgetowne Estate, marking its entry into the upscale retail market. GBF Center 1, a premier office tower, was also completed, reinforcing RLC’s strong presence in the office leasing sector. In the residential segment, RLC launched Mira Towers 1 and 2, LePont 2, and Sierra Valley Gardens 5. Additionally, Robinsons Logistics and Industrial Facilities (RLX) expanded its portfolio by completing RLX Sierra 2, RLX Calamba 2 C&D, and RLX San Fernando 2, further strengthening RLC’s position in the industrial and logistics sector. These developments underscore the company’s commitment to delivering high-quality, sustainable spaces that cater to evolving customer needs.

RLC powered through the headwinds of 2024 by leveraging its diversified portfolio and strong financial discipline. Despite global economic challenges, RLC focused on operational excellence and strategic investments in high-growth areas, particularly within its investment portfolio, which generated 77% of total revenues. RLC’s disciplined approach to development, efficient capital allocation, and successful capital-raising initiatives—including placing RL Commercial REIT shares—provided the flexibility to reinvest in its core businesses. This, combined with prudent financial management, enabled the company to navigate uncertainties and continue creating long-term value for our stakeholders.

Looking towards 2025, RLC’s strategy to address risks and convert these into opportunities to fuel value creation will likely involve initiatives in key areas such as real estate development, leasing, digital transformation, and sustainability.

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In 2024, JGSOC initiated a business-wide transformation program centered on four key pillars: Accelerated Commercial Excellence (ACE), Disciplined Operational Excellence (DOE), Sales and Operations Planning (S&OP), and Integrated People Plan (IPP). The ACE workstream drives revenue growth, optimizes pricing, and expands JGSOC’s market share by leveraging its domestic presence and technical expertise to outperform the market and establish itself as a premier supplier of top-quality products. The DOE workstream enhances efficiency and cost-effectiveness across JGSOC’s operations while prioritizing safety, fostering a Total Safety Culture, and driving continuous improvement, innovation, and risk mitigation. The S&OP Workstream is dedicated to enhancing the accuracy of demand planning and forecasting processes, thereby optimizing both commercial and operational performance drivers. Lastly, the IPP Workstream drives cultural transformation, leadership development, and talent retention at JGSOC, promoting a trust-based, inclusive culture that empowers employees and builds adaptive organizational capabilities to achieve business goals.

Despite the challenges, we continued to implement initiatives in anticipation of market improvement. Across the petrochemical industry, JGSOC continued to refine strategies, optimize operations, and invest in talent, knowing that today’s efforts would shape tomorrow’s success. Leaders championed innovation and efficiency, ensuring businesses remained agile and ready to seize opportunities once conditions improved. Employees, in turn, embraced change, adapting to new challenges with unwavering determination and commitment. While uncertainty loomed, the collective resolve to push forward became a powerful force, proving that true strength lies in persistence and foresight.

Even though Project Sarimanok produced gains, unfavorable market conditions continued to pose significant challenges. JGSOC remained committed to implementing strategic initiatives; however, the external environment proved too challenging to sustain operations. As a result, the company decided to shut down its petrochemical operations indefinitely. However, all strategic options are still being explored to determine the best path forward for the business. While this marks a turning point, JGSOC's legacy of resilience and innovation will continue to shape its next chapter.