MANILA - Cebu Pacific is expanding its fleet in 2024 by signing a damp lease agreement with Bulgaria Air.

A damp lease agreement is an agreement between two airlines where the lessor provides aircraft, crew, maintenance, and insurance to the lessee.

In a statement, Cebu Pacific said the agreement covers 2 Airbus 320 CEO airplanes that will serve routes from Manila to Cebu and Davao from January to May 2024.

Each aircraft can carry 180 passengers.

The low-cost carrier's president and chief commercial officer Xander Lao said they hope to expand their fleet to 92 by the end of 2024.

"With this, we expect our year-on-year seat growth to be within 5 percent to 8 percent," he said.

In July, Cebu Pacific announced that its fleet was expanding, after it faced complaints over flight delays and cancellations that have led to calls to suspend its franchise.

• Cebu Pacific: Engine issues to affect fleet availability
• Cebu Pacific increases 2023 aircraft deliveries

The budget airline booked a net income of P1.3 billion in the third quarter amid strong demand for travel.

• Cebu Pacific gives passengers more baggage allowance
• Cebu Pacific's Q3 net income back in black at P1.3 billion

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