(Eagle News)–President Rodrigo Duterte has approved the franchise of Magnum Air Inc., the operator of SkyJet Airlines.
Under Republic Act No. 11410 signed by the President on Aug. 22, the franchise is valid for 25 years.
The law says Magnum Air is allowed to operate local and international air transport services.
In accordance with the Constitution, however, it should “offer at least 30 percent of its outstanding capital stock or a higher percentage” that may be provided by law in any securities and exchange commission in the Philippines.
This should have been done within five years from the start of its operations.
Magnum Air, which started its operations in December 2012, offers flights from Manila to Batanes, Boracay, Camiguin, Siargao, Coron, among others, and vice versa.
