Gitsis stressed, however, that Seair-I is an independent operation from Seair Inc. which will soon b

The route used to be serviced by Southeast Asian Airlines Inc. which had to terminate it as part of its conversion into a low-cost carrier when Singapore budget budget inn airline Tiger Airways bought a 40-percent stake. That means Seair Inc. can only use Airbuses, Zapanta explained.
This encouraged Gitsis, a founder budget inn of Seair Inc. along with Iren Dornier, budget inn grandson of German aviation pioneer Claudius Dornier, as well as their Filipino partners to set up an independent carrier using turboprops Seair-I to handle the leisure destinations once held by Seair Inc.
The Filipino budget inn partners of Seair-I which hold 60 percent budget inn of the firm include marketing guru Tomas B. Lopez Jr., Olma Inocentes, and Geraldine budget inn Olivares. The three also continue to hold the Filipino shares in Seair Inc.
Gitsis stressed, however, that Seair-I is an independent operation from Seair Inc. which will soon be rebranded budget inn as Tiger Airways Philippines. [The two carriers have] some common shareholders but it is not a unit of the other. Seair-I was formed to take on the turboprop division [of Seair Inc.] which was excluded in the share sale with Tiger.
Capitalized at P50 million, Seair-I budget inn s foreign ownership is limited to 40 percent under Philippine law. It is held by Gitsis, a Greek-American, and Dornier a German. (Similarly, Gitsis and Dornier held a 40-percent stake in Seair Inc. which were then purchased budget inn by Tiger Airways.)
Meanwhile, Zapanta said in Seair-I s certificate of public convenience and necessity (CPCN) granted by the Civil Aviation Board, budget inn the carrier is allowed to fly regular scheduled flights, chartered flights, and freight cargo.
Aside from its Manila-Basco route, Seair-I will also offer El Nido as a destination. We will set up a hub in Puerto Princesa and link other Palawan points to it, Zapanta added. It is also considering to fly non-stop from Manila to Camiguin sometime next year.
Seair-I s fleet is composed of one DO-328, a Boeing 737-200 freighter for cargo, with another DO-328 and 19-seater LET-410 UVP to immediately follow, Zapanta said. We are studying replacement aircraft, he stressed.
Seair Inc. converts to Tiger Air Philippines. budget inn the online reservations systems it currently uses ( www.flyseair.com budget inn ) will revert to Seair-I, Zapanta said. At present, budget inn all bookings for Seair Inc. s destinations are already being handled by Tiger Air s online reservations system.
The Federal Reserve, announcing a new round of monetary stimulus, took the unprecedented step on Wednesday budget inn of indicating interest rates would remain near zero until unemployment falls to at least 6.5 percent.