Asia-Pacific aviation sector on path to full recovery by 2024: S&P Global Ratings

The credit rating agency, in a recent report, said that passenger air traffic in the region was expected to return to prepandemic levels over the next 12 to 18 months.

“Demand-supply dynamics are favouring aviation-related sectors in Asia-Pacific,” said S&P Global Ratings credit analyst Isabel Goh.

S&P noted that the revenue passenger per kilometre—which measures air traffic for jets—in the region reached 93 per cent of pre-pandemic levels in August.

According to data from the Association of Asia Pacific Airlines, the carriers in the region serviced 194 million passengers in the first three quarters, showing growth of more than 200% year-on-year.

The recorded passenger volume was 69% of the 281 million passengers the Asia-Pacific airlines flew in the same period in 2019 or before the pandemic.

Locally, the Manila International Airport Authority (MIAA) reported that Ninoy Aquino International Airport (Naia) saw passenger volume grow by 59% to 33.76 million from January to September. This was about 95% of the prepandemic levels.

The country’s main international gateway accommodated 206,050 flights as of September, up 31% from a year ago. MIAA is optimistic that it will achieve year-end projections of 45 million passengers and 275,000 flights served as Naia continues to welcome more guests. 

Tyrone Jasper C. Piad 

Philippine Daily Inquirer

Asia News Network