Flag carrier Philippine Airlines (PAL) is rebuilding the enterprise and resolve its many operational and supply issues to remain competitive, according to tycoon Lucio Tan, chairman and chief executive of PAL Holdings Inc.
At its recent annual shareholders’ meeting, Tan himself sought the support of stakeholders “for the task of surmounting these great challenges”.
“We must resolve many operational and supply problems that hinder PAL from extending the best possible service to its customers. We need to rebuild our product and our fleet,” Tan said in a speech read by his grandson and PAL Holdings president Lucio Tan III.
“Philippine Airlines needs to be a stronger competitor and a leader in service and innovation. This is imperative for a company that aims to be the airline of choice in the market it serves, which is the vision we defined for our flag carrier,” he said.
“Once again, I call on the support of all stakeholders of PAL Holdings Inc.. This task will demand all our energy and skill in the years ahead.”
PAL operates a fleet size of 74 aircraft with average fleet age of 8.8 years.
PHI registered total consolidated operating income of P17 billion in 2022, a turnaround from an operating loss of P4 billion in 2021.
The company attributed the turnaround to the implementation of PAL financial restructuring plan and the increased demand for air travel with the reopening of travel borders.
