MVP: Buying into flag carrier PAL no longer on 'the radar screen'

Businessman Manuel Pangilinan on Tuesday said he is no longer interested in investing in the airline industry, particularly in flag carrier Philippine Airlines (PAL).

 

"Let me just say that... an investment in the airline is not on the radar screen," Pangilinan told reporters on the sidelines of a briefing on Philippine Long Distance Telephone Company's (PLDT) first half results.

 

In January 2012, PAL's Lucio Tan said both Pangilinan and Ramon Ang of San Miguel Corp. were interested in buying a majority stake in Asia's oldest airline.

 

The airline was then suffering from losses due to high cost of fuel among other problems.

 

"Our offer at that time was at a different configuration," Pangilinan said.

 

San Miguel acquired a 49 percent stake in PAL for $500 million in April 2012.

 

This time, buying into PAL will not make sense as it is "not in our line of business," Pangilinan noted.

 

Last week, San Miguel said it was "discussing" with investment partner Lucio Tan Group their respective interests in PAL, Reuters reported. – VS, GMA News