The strong balance sheet and liquidity supported the airline in the challenging pandemic environment. "The success of this activity is a testament to Cebu Pacific's fortitude and its steadfast commitment as the Philippine national flag carrier," remarked President and CEO Lance Gokongwei. He thanked shareholders for supporting the airline in the endeavor and acknowledged his team's hard work despite all challenges, the strategies put into play long before the pandemic started, and the changes implemented "to enable us to continue our dream – for everyJuan to fly." BPI Capital Corporation acted as the Sole Global Arranger, Bookrunner and Underwriter for CEB's offer. CEB is the largest carrier in the Philippine air transportation industry. Together with subsidiary Cebgo, CEB flies to 36 domestic and 25 international destinations, with over 100 routes.