Claims On PAL Continue To Increase

Malaya
September 3, 1998
News

Debts of the Philippine Airlines have started to pile up with P1.19 billion added to the P85.109 billion total last June when it filed for rehabilitation with the Securities and Exchange Commission.

The new debts were incurred from July 7 to August 28 this year topped by a P719.53 million claim from Philippine Airlines Employees' Association (PALEA).

There is also a dollar denominated claim of $3.851 million dated July 10 from Mobil Philippines Inc., and a $208,083.55 from Japan Energy Corp. and another yen denominated claim of Y8.6 million.

PAL earlier reported a net loss of P2.2 billion for the first quarter fiscal year 1999 April to June.

Since the filing of its petition  with the SEC’s Securities investigation and clearing department, the SEC have received 11 requests since July from companies seeking the payment of several services it rendered with PAL.

Data gathered from the SEC showed that as of August 31, 1998, total peso claims against PAL amount to P986.844 million; dollar claims of $4.089 million; and ven 8.599 million.