MORE Filipino executives and high net worth individuals are traveling by business jets these days, especially to nearby countries in Southeast Asia.
International property consultant Knight Frank reported 13,936 HNWI, or those who have a million dollars or more, in the Philippines in 2021. This is projected to rise to about 19,000 by 2025.VistaJet is a unit of Dubai-based Vista Global Holding, which provides worldwide business flight services. The Group recently reported a 50-percent increase in revenue last year versus 2021, driven by a 74-percent growth in VistaJet’s Program membership gross hours sold in 2022.
He attributed the increased use of business jets by Philippine companies and HNWI to the transport option’s flexibility and convenience. “When you fly on a business jet, you fly according to your schedule, not the airline’s. You can also fly to smaller airports that are more convenient in terms of their location to the city and the ease with which you clear customs and immigration,” he explained.
Moore expressed optimism that despite the recovery of traditional commercial carriers, business aviation will continue to perform strongly, especially in Asia. “Once you fly on a business jet, it is very hard to fly commercially ever again. Also, airlines have yet to fully restore their international networks and may never, with the same level of flight frequency as they did before.”