Cebu Pacific Air (5J, Manila Ninoy Aquino International) will not pay out common dividends for 2026 and will defer preferred share dividends as fuel price volatility linked to the Middle East conflict put financial pressure on the airline. The company confirmed the decision in a Philippine Stock Exchange disclosure on May 8, 2026, after chairman Lance Gokongwei told shareholders that preserving liquidity was now the priority.

The airline had been considering reinstating common dividends after record 2025 earnings. Management said its PHP22 billion peso (USD358.1 million) cash balance and credit lines provide a liquidity runway to weather the crisis.