PAL Holdings Inc., the parent company of Philippine Airlines (PAL), announced the appointment of Lucio Tan III as its new President, succeeding his grandfather Dr. Lucio C. Tan. Dr. Tan will continue to serve as the Chairman and Chief Executive Officer of PAL Holdings Inc.
Lucio Tan III expressed his commitment to ensuring stability and upholding integrity within the company. He also emphasized the importance of collaboration and serving the best interests of customers while protecting shareholders’ investments through transparency, accountability, and long-term value creation.
In a virtual Annual Stockholders Meeting, PAL Holdings Inc. reported a significant turnaround in its financial performance for 2022. The company registered a consolidated operating income of PHP17 billion, marking a positive shift from the PHP4 billion operating loss in 2021. The improved results were attributed to the successful implementation of Philippine Airlines’ financial restructuring plan and the subsequent increase in air travel demand following the reopening of travel borders.
Chairman Tan expressed his gratitude to shareholders, customers, and the flying public for their trust and support. He acknowledged the challenges ahead, highlighting the need to rebuild the airline’s product and fleet. He emphasized PAL’s goal to become a stronger competitor and a leader in service and innovation.
PAL Holdings Inc. experienced substantial growth in its consolidated revenues, which rose by 137% to PHP139 billion in 2022 compared to PHP59 billion in 2021. The number of passengers also saw a significant increase, reaching 9.31 million in 2022, a 214% surge from 2.97 million in the previous year.
The company celebrated several accomplishments, including the launch of the Manila-Perth nonstop service and the reopening of routes between the Philippines and mainland China. PAL remains the sole airline operating nonstop flights connecting the Philippines to the United States and Canada, along with an extensive network of flights from Manila to various cities in the Middle East, Japan, and Australia. The airline’s domestic network is anchored on its gateway hubs in Manila, Cebu, and Davao.
PAL Holdings Inc. functions as the parent company of Philippine Airlines and its subsidiary, Air Philippines Corporation. It is also a member of the Lucio Tan Group of Companies.