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Philippine budget carrier Cebu Air seeks $500m to weather COVID

Government says private sector must lead airline industry's recovery

MANILA -- The Philippines' largest budget carrier Cebu Air on Thursday said it is looking to raise $500 million to repair a balance sheet that has been hit by the coronavirus pandemic.

The move comes a day after the Philippine government hinted it could offer airlines some assistance while also making it clear that the private sector would have to lead the industry's revival.

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