By: Air Traveller PH Staff
Philippine Airlines (PAL) has raised its capital stock from PhP 13-billion (U$256 million) to PhP 30-billion (U$592 million) last February 18, PAL Holdings confirmed in a stock exchange disclosure the following day. The increase in capital stock was approved by majority of the company's stockholders.
The move is part of the airline's strategy to maintain competitiveness and sustain profitability.
In a report by Ch-Aviation, PAL Holdings, which also owns Air Philippines Corporation (PAL Express) also said in the filing that Chairman and Chief Executive Officer Lucio Tan had taken over as group president, replacing his namesake son, Lucio "Bong" Tan Jr., who died in November 2019. The position is concurrent with Tan's existing role as chairman. The number of directors at PAL Holdings will also increase from nine to eleven.