Philippine Airlines close to securing foreign investment
Philippine Airlines says it expects to have a new strategic investor onboard by the middle of the year.
PAL president and chief operating officer Jaime J. Bautista says it is hopeful a deal with the foreign investor will be concluded quite soon.
"We’re targeting the first half of this year… Up to 40% stake, that’s the maximum that we can offer. as per the law," Bautista said.
An injection of funds will help PAL continue its growth strategy which has seen a host of new services recently launched in Asia and beyond.
Bautista’s update came as he unveiled upcoming new flights from Manila to Hanoi, Phnom Penh and New Delhi.
Hanoi flights begin on March 31 four times a week, followed by Phnom Penh on April 1.
New Delhi flights are also expected to begin in April.
"Our goal is to strengthen PAL’s network and establish the Philippines as a true gateway hub to Southeast Asia and South Asia for the North American market," Bautista said.
Extra frequencies were also announced for several existing routes including Kuala Lumpur, Jakarta, Osaka and Los Angeles.
Bautista added that talks are currently taking place to launch a direct flight to Israel.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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