PAL to embark on financial restructuring

PAL Holdings (PHI), parent company of Philippine Airlines, has reported a net comprehensive loss of PHP73bn (approx. US$1.506bn) on total revenues of PHP55.3B and total expenses of PHP81.8B for the 2020 calendar year. For the three months to end March 2020, PHI has reported a net loss of PHP8.6bn ($178 million) and a widening of its capital deficit to PHP83.9bn. PHI comments that the 64% decline in revenues reflected the “extraordinary impact” of the Covid-19 pandemic on the operations of subsidiary Philippine Airlines (PAL). The Philippine Government halted all commercial flights in April, May and part of March 2020 as