Business World
Tuesday, October 29, 1996
The board of directors of Philippine Airlines (PAL) has agreed to offer 95 million shares of the airline worth P477 million to its employees now that the ownership squabble among its stockholders has been resolved. Industry observers see this move as management's way of meeting the demands of its union for additional compensation. In a press conference yesterday, Jose Antonio Garcia, PAL President and Chief Operating Officer, said the shares will be made available to employees at P5 per share.
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