FIRST AVIATION Academy, Inc. (FAA), the aviation school established by the joint venture of MacroAsia Corp. and PTC Holdings Corp., officially opened on Thursday.
In a disclosure to the stock exchange, listed MacroAsia said FAA started welcoming aspiring pilots at its base in Subic International Airport, almost two years after the project was introduced in October 2017.
“FAA takes pride in being at the forefront of professional development for the airline industry, propelled by a comprehensive curriculum, experienced instructors and state-of-the-art equipment and facilities to produce airline-ready aviation professionals primed for flight operations,” the company said.
MacroAsia had earlier said it is eyeing to generate $17 million in cumulative revenue within the first five years of FAA’s operations, and at the same time produce more than 300 pilots. It noted the initial development of FAA costs around $3 million, which covers two single-engine light aircraft and one twin-engine light aircraft.
“Two main features that set FAA apart from other aviation schools in the country are its fleet of brand-new TECNAM planes with full glass cockpit electronic instrumentation and the Redbird MCX and TD2 G-1000 simulators. Such a training platform will enable students to develop the skill sets necessary to excel in the international aviation space,” it said.
FAA is MacroAsia’s first foray into the aviation education sector. MacroAsia President Joseph T. Chua had said in 2017 the school is expected to provide aviation manpower to foreign airlines and the Philippine Airlines (PAL), which like MacroAsia, is owned by Lucio C. Tan, Sr.
PTC Holdings, which is under the PTC Group is, meanwhile, known for its background in crew management and maritime services. Its businesses cover ship and crew management, maritime education and training, chartering and freight forwarding, among others.
MacroAsia’s net income in the first three quarters of 2018 fell 14% to P804.3 million due to one-time gains in 2017. — Denise A. Valdez