Business World
Monday, December 21,1998
Corporate News
The last days of 1998 are turning out to be better-than-expected for cash-strapped Philippine Airlines Inc. (PAL) as management expressed confidence the airline can afford to shoulder at least half of the separation benefits promised its retiring employees. A high-rating PAL official told Business World over the weekend the airline’s total revenues have risen up to as much as P45 million per day, enough to partially support a voluntary separation program (VSP). The official said the improvement in the flag carrier’s financial situation was mainly due to its relatively good passenger load factor this Christmas Season – an average of 65% among the 22 aircraft currently composing in fleet.
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