Bilyonaryo - Business

Airfares set to get cheaper in November due to lower fuel surcharge

October 19, 2022

Bilyonaryo.com

Plane tickets are expected to go down next month as the Civil Aeronautics Board (CAB) has slashed the applicable passenger fuel surcharge level for domestic and international flights.

CAB brought down to Level 8 the applicable fuel surcharge rate for November.

“For September 10 to October 9, 2022 (evaluating period), the price of jet fuel averaged P42.87 per liter, which corresponds to Level 8 of the passenger and cargo fuel surcharge matrix,” CAB said.

This means the fuel surcharge will go down to a range of P253 to P797 per passenger for domestic flights and from P835.05 to P6,208.98 for international flights.

Under Level 9, the allowable increase for fuel surcharge is P287 to P839 for domestic flights and P947.39 to P7,044.27 international flights

CAB said airlines wishing to impose or collect fuel surcharge must file their application on or before the effectivity period, with the fuel surcharge rates not exceeding the approved level.

Airline fuel surcharge is an optional fee collected by airlines to recover fuel costs and stem losses due to upward spikes in fuel costs.

The CAB evaluates every month the applicable fuel surcharge which is based on a one month average of jet fuel MOPS prices in its peso per liter equivalent

Related News Tags: Airfares, cheaper, international flights., lower fuel surcharge

Sy-blings take over Podium complex with acquisition of partner’s equity interest

The banking arm of the bilyonaryo Sy family, BDO Unibank Inc., is acquiring the entire equity interests of Keppel Philippines Properties Inc. and Opon-KE Properties in SM Keppel Land Inc. (SMKL), owner and developer of the Podium complex located in Ortigas.

Lucio Tan’s tobacco business suffers as excise taxes bite

Philippine Morris Fortune Tobacco Corp., the joint venture between bilyonaryo Lucio Tan’s Fortune Tobacco Corp. and global giant Philip Morris, is set to continue feeling the impact of higher excise taxes.

Unopposed: Mike Tan’s allies sweep FFCCCII elections with Hapee’s Cecilio Pedro as new president

Lamoiyan-Hapee president and CEO Cecilio Pedro won as the new president of the Federation of Filipino Chinese Chambers of Commerce and Industry Inc. (FFCCCII).

Boardroom drama: Top exec storms out of boardroom meeting after getting called out by bilyonaryo director for poor performance

A recent boardroom meeting at a major blue chip company turned into a heated exchange between a top exec and one of the directors.

Holcim Philippines struggles with lower revenues and rising energy costs

Cement giant Holcim Philippines’ net income dropped by 63 percent to P941.8 million in the past year, mainly due to reduced sales and increased production costs.