MANILA (Philippine Daily Inquirer/ANN): Philippine Airlines recorded the biggest loss in its corporate history last year due to what its chief described as “unsustainable long-term debt and lease obligations [in] billions of US dollars, ” aggravated by the Taal volcano eruption and the ongoing Covid-19 crisis.
In a letter sent to the flag carrier’s employees last week, president and COO Gilbert Santa Maria said PAL had sustained a net loss of US$208 million in 2019 — equivalent to 10.6bil pesos at the prevailing exchange rate — and marking the third consecutive year of losses for the Lucio Tan-owned firm.
