Listed firm PAL Holdings Inc. (PHI) yesterday appointed Lucio Tan III as its new president and chief operating officer (COO) taking over the post from his grandfather Dr. Lucio Tan, who retained his role as PHI chairman and chief executive officer.
“As the newly designated President of PAL Holdings, I am committed to providing stability and upholding the highest level of integrity within the company. I look forward to working closely with the PAL (Philippine Airlines) team, under the leadership of its President and COO, Capt. Stanley Ng, to ensure a collaborative and cohesive approach in serving the best interests of our customers. We also aim to safeguard our shareholders’ investments by fostering a culture of transparency, accountability, and long-term value creation,” said Tan III in a statement.
Last year, PHI, the parent firm of the flag carrier PAL reported a total consolidated operating income of P17 billion, a turnaround from an operating loss of P4 billion in 2021.
During the virtual annual stockholders meeting yesterday, PHI said it attributed the turnaround to the implementation of the PAL’s financial restructuring plan and the increased demand for air travel with the reopening of travel borders.
“I am grateful to our shareholders, our customers, and the flying public, for their trust and support. We face major challenges just the same. We need to rebuild our product and our fleet. Philippine Airlines needs to be a stronger competitor and a leader in service and innovation,” the elder TTa said.
PHI’s consolidated revenues improved by 137 percent to P139 billion in 2022 from P59 billion in 2021. The number of passengers increased by 214 percent to 9.31 million in 2022 from 2.97 million in 2021.
PAL has inaugurated the Manila-Perth nonstop service and has reopened routes between the Philippines and points in mainland China.
