INAEC (Iloilo-****** Air Express Company) is the first Filipino airline, preceding Philippine Airlines (PAL) by eight years. It was also one of the very first Asia-owned airlines, born around the same time as Air India and more than a decade before Japan Airlines (JAL) and Cathay Pacific.
INAEC was founded by Eugenio Lopez Sr. in August 1932. On February 1, 1933 at 7:50am, INAEC's first Stinson Tri-motor aircraft lifted off from Fort San Pedro, Iloilo for its inagurual flight to Manila. INAEC began its regular flights to Manila, Iloilo and Bacolod the next day. It soon added Cebu, Zamboanga and Davao to its destinations.
INAEC became a casualty of war: on December 18, 1941, a strike force of 36 Japanese bombers destroyed all of INAEC's planes on the ground. After the war, by May of 1945, Lopez conceived of Far Eastern Air Transportation Inc. (FEATI), an airline that would fly not just all over the Philippines, but all over the Asia-Pacific region. At the time, the giants of Pacific aviation, today, like Northwest, JAL and Singapore Airlines did not exist. By tapping Lopez and Moreno family resources, Eugenio was able to buy an initial four DC-3s from the US government, which was then disposing of war surplus equipment.
With its inaugural flight from Manila to Iloilo on November 19, 1945, the Lopezes' FEATI beat Andres Soriano's Philippine Airlines to the the skies by two months. In the next year, FEATI bought 24 more DC-3s as well as several of the more advanced, longer range DC-4 Skymasters, for flying FEATI's international routes.
FEATI set up a widespread domestic route network and established the country's first international airline service, with flights to San Francisco, Shanghai, Hong Kong, Bangkok and Calucutta.
"Undaunted, the Lopez Legacy 1800-201" by Raul Rodrio, pages 92-95.