AIR travel within the Philippines constitutes the third fastest-growing market in the world after India and Mexico, according to data compiled by Cebu Pacific Air Inc.

In terms of passengers carried in 2007, the airline unit of JG Summit Holdings Inc., also known as CEB, recorded a growth rate of 47 percent, it said.

The Philippine air-travel market grew to almost 10.4 million travelers in 2007 versus almost 8.5million passengers in 2006.

The country’s domestic-load factor stood at 78 percent from 73 percent in the same comparable period. The number of seats allocated during the period also increased to 13,337,696 from 11,612,958.

Cargo also rose to 142,695,071 kilograms as against 132,636,830.

Candice Iyog, CEB spokesman, said domestic travel boomed after CEB introduced year-round low fares in 2005, forcing other local airlines to offer lower fares to compete.

“Our rapid domestic network expansion, aggressive pricing, year-round low fares, and new and growing fleet stimulated the market and introduced air travel to many first-time flyers,” she said.

Iyog said CEB expects the growth trend to continue this year and beyond as the airline takes delivery of more new aircraft to serve new domestic and international destinations.

“The arrival of brand-new Airbus and ATR aircraft will open up the Philippines, and hopefully generate economic growth largely through tourism and trade in the process,” she said.

Founded in 1996, CEB has the youngest fleet in Philippine aviation. It flies to 12—soon to be 15—international destinations. Hanoi, Ho Chi Minh, and Kaohsiung will be added to its overseas points in the coming months. CEB also flies to 21 domestic destinations together with Boracay (Caticlan) starting February 29.

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AIR travel within the Philippines constitutes the third fastest-growing market in the world after India and Mexico, according to data compiled by Cebu Pacific Air Inc.

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LAST week: Local shares ended another volatile week on fears of runaway inflation as world crude prices climbed above $100 a barrel. Worries hinged to a US recession and the prevailing local-political developments also helped weaken the market.