Asia Tech Wire (July 22) -- Philippine budget airline Cebu Pacific released a statement on Monday saying it is in exploratory talks with Ayala Land over its boutique airline AirSWIFT.

This confirms a report by The Philippine Star on the potential acquisition.

Earlier the Filipino newspaper reported that Cebu Pacific's acquisition of AirSWIFT could go through within two months, barring any unfavorable factors.

However, Cebu Pacific said it has not yet reached any definitive agreement with Ayala Land.