Established in Mar-2012, Philippines AirAsia is the Philippines subsidiary of AirAsia Group. AirAsia Berhad owns a 40% stake in the airline, whilst the remaining 60% ownership stake is shared between Filipino investors. On 10-May-2013, AirAsia Group announced plans to integrate AirAsia Philippines with Zest Air in order to maximise fleet utilisation between both carriers and slot allocations from Manila. The two carriers continued to operate under separate Air Operator's Certificates during the interim period. However, in Dec-2015, Philippines AirAsia and AirAsia Zest successfully merged into a single entity and now operate under a single AOC.