Philippines

Enter a keyword

After overcoming financial challenges last year due to the COVID-19 pandemic, flag carrier Philippine Airlines (PAL) expressed optimism on Tuesday that it would emerge stronger in 2022 as it unveiled plans for network expansion, digital innovation, and a more cargo-driven strategy, gmanetwork.com reported. “We look forward to a comeback year for Philippine Airlines and for our country,” said PAL chairman and CEO Lucio Tan. PAL is celebrating its 81st anniversary this year. “Our 81st birthday marks a day of rebirth for PAL.

Read more
The Philippines’ credit rating is unlikely to be downgraded because the country’s debt, which has risen to 12 trillion pesos ($232 billion), remains manageable, central bank Governor Benjamin Diokno said, Bloomberg News reported. The Southeast Asian nation’s level of debt is sustainable, with economic growth expected to outpace an increase in borrowings, Diokno said in a statement Sunday. The debt-to-GDP ratio of 61% is also manageable, compared with other countries, he said.
Read more
Philippine Airlines (PAL) successfully restructured crippling debts and exited a US Chapter 11 bankruptcy process in just four months with a steady management team at the helm and the full financial backing of owner, billionaire Lucio Tan, the Philippine Daily Inquirer reported. The flag carrier was also aided by a small army of international legal and financial consultants, who earned fees of almost $3 million (P150 million) advising the carrier during the creditor protection plea, a recent court filing showed.
Read more
The Philippine government has mandated banks to sell a planned dollar bond, as it weighs raising as much as $7 billion via foreign commercial notes this year, Bloomberg News reported. The banks include Goldman Sachs, Citigroup, Credit Suisse, Deutsche Bank, Mizuho Bank, Morgan Stanley, Standard Chartered Bank, UBS, and Bank of China, said the person, who asked not to be identified because the discussions are private. The timing of any debt sale also depends on global events such as the U.S.-Russia standoff over Ukraine, the person said. The prospect of higher U.S.
Read more
Candidates seeking to succeed Philippine President Rodrigo Duterte said they will continue to push for better infrastructure, pitching to prioritize areas outside the capital and for companies to build more while government debt remains high, Bloomberg News reported. At the first presidential forum on Friday, Manila Mayor Isko Moreno and Senator Panfilo Lacson said they will boost public-private partnerships, which Duterte earlier criticized but eventually adopted. The Southeast Asian nation is banking on infrastructure spending to help boost pandemic recovery.
Read more
The Philippine government’s outstanding debt reached 11.7 trillion pesos ($229 billion) at end-December, up by a fifth from a year ago, according to the Bureau of the Treasury, Bloomberg News reported. The debt-to-GDP ratio widened to 60.5% in 2021 from 54.6% in the year previous.
Read more

PAL Pilot Takes Seat as New President/COO

Flag carrier Philippine Airlines (PAL) has named a new captain to pilot the company in its recovery path. PAL announced yesterday the appointment of its senior vice president for airline operations Stanley Ng as the company’s new president and chief operating officer (COO), in an acting or officer-in-charge capacity, the Philippine Star reported. Ng replaces Gilbert Santa Maria, who served as the airline’s president and COO during PAL’s Chapter 11 restructuring process which the company completed last year. PAL did not disclose the reason why Santa Maria was replaced.
Read more
The Philippines’ central bank is unlikely to increase policy rates in the first half of this year as it waits for the economic recovery to become entrenched and unemployment to fall, according to central bank Governor Benjamin Diokno, Bloomberg News reported. “After the performance in the first two quarters of the year, that’s when we seriously look at whether we will make some adjustments,” Diokno said in an interview Tuesday. “We want to make sure that the economy is recovering well.” Like central bankers globally, Southeast Asian policy makers are juggling the prospects of a faster U.S.
Read more
Philippine Airlines Inc. received approval to tap $150 million in additional financing and plans to cut its debt by $2 billion, after winning approval last month from a U.S. court for its reorganization plan, Bloomberg News reported. “There are immense challenges ahead, but we look forward to tackling them as a reinvigorated Philippine Airlines, better positioned for strategic growth to continue serving our customers,” President Gilbert Santa Maria said in an emailed statement Friday.
Read more
Philippine Airlines Inc. won court approval for its reorganisation plan, paving the way for the carrier to exit bankruptcy, cut $2 billion in debt and revive its fortunes after a slump in international travel due to the pandemic, Bloomberg News reported. Bankruptcy Judge Shelley Chapman in Manhattan said on Friday that she would approve the chapter 11 plan after unsecured creditors voted to back the proposal. The reorganization didn’t face any major opposition from debt holders. "This case is a model for what can be accomplished in chapter 11,” Chapman said.
Read more