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PAL Holdings names Lucio Tan III as president

PAL Holdings Inc. (PHI), the parent firm of flag carrier Philippine Airlines (PAL), on Thursday appointed Lucio Tan III as its new president.

In a statement, PHI said the younger Tan is taking over the post from his grandfather, tycoon Lucio Tan, who retained his role as chairman and chief executive officer.

“As the newly designated President of PAL Holdings, I am committed to providing stability and upholding the highest level of integrity within the company. I look forward to working closely with the PAL team, under the leadership of its president and COO, Capt. Stanley Ng, to ensure a collaborative and cohesive approach in serving the best interests of our customers. We also aim to safeguard our shareholders’ investments by fostering a culture of transparency, accountability, and long-term value creation," said the PHI chief.

PHI registered a total consolidated operating income of P17 billion in 2022, a reversal from an operating loss of P4 billion in 2021.

The company attributed the turnaround to the implementation of Philippine Airlines’ (PAL) financial restructuring plan and the increased demand for air travel with the reopening of travel borders.

PHI’s consolidated revenues, likewise, improved by 137% to P139 billion last year from P59 billion in 2021.

The company added that the number of passengers increased by 214% to 9.31 million in 2022 from 2.97 million in 2021.

PHI is the parent firm of PAL and another subsidiary Air Philippines Corporation (PAL Express). It is also a member of the Lucio Tan Group of Companies.—AOL, GMA Integrated News