Connect with us

Hi, what are you looking for?

Economy

Lucio Tan’s grandson appointed as PAL vice president

PAL Holdings, Inc. said Thursday that its board of directors has approved the appointment of Lucio C. Tan III, grandson of Chairman Lucio C. Tan, as vice-president of the company.

“Please be advised that at the meeting of the board of directors held on May 26, 2021, the board approved the appointment of Mr. Lucio C. Tan III as vice-president of PAL Holdings, Inc.,” the listed operator of the Philippine Airlines said in a disclosure to the stock exchange.

The appointment of the chairman’s grandson and son of the late Lucio “Bong” K. Tan, Jr. comes amid reports of bankruptcy protection plans.

The younger Tan “has served as director of the corporation (MacroAsia Corp.) since December 2019,” MacroAsia said on its website.

“Since December 2019, Mr. Tan has also served on the board of directors of the following corporations: LT Group, Inc., PAL Holdings, Inc., Philippine Airlines, PAL Express, Lufthansa Technik Philippines, Inc., MacroAsia Catering Services, Inc., MacroAsia SATS Inflight Services Corp., MacroAsia Airport Services Corp., MacroAsia Properties Development Corp., Belton Communities, Inc., Eton City, Inc. and First Homes, Inc. He is currently the President and chief executive officer of Tanduay Distillers, Inc.,” it added.

PAL said on May 11 that it was working on a “comprehensive restructuring plan that will enable PAL to emerge financially stronger from the current global crisis.”

In November last year, the Finance department said the flag carrier was planning to seek court protection from creditors as it was working on a debt restructuring plan.

PAL has yet to release its latest annual earnings report and its report for the first quarter of 2021.

To recall, PAL’s total revenues for the first nine months of 2020 stood at P45.29 billion, down 61.6% from the previous year’s P117.85 billion.

Its net loss to parent equity holders hit P28.85 billion, or more than three times the P8.49 billion recorded in 2019. — Arjay L. Balinbin

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

Investing

A cabinet split is hampering the government’s efforts to deal with the nationwide shortage of lorry drivers that threatens fuel supplies at some petrol...

Investing

Pubgoers are flocking back to their locals, according to figures that drew a cautious toast from the industry but also prompted warnings of fresh...

Investing

Ministers are backing a multibillion-pound plan to build another large-scale nuclear power plant in Britain to ease pressure on electricity supplies as the country...

Economy

The Philippines’ balance of payment position (BoP) hit $1.044 billion in August, the highest in four months, due to increased special drawing rights (SDR)...

Economy

Consumers were less pessimistic in the third quarter as more jobs opened up, but business sentiment turned sour amid a fresh surge in coronavirus...

Economy

The Philippine central bank fully awarded the short-term securities it sold at an auction on Friday, even as rates rose on growing inflation fears....

You May Also Like

Investing

Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...

Economy

Ivermectin, an existing drug against parasites including head lice, has had a checkered history when it comes to treating COVID-19. The bulk of studies...

Investing

As a traditionally rigid insurance industry becomes bogged down by antiquated processes and operations, a handful of industry leaders are seeking to shake things...

Economy

US President Joseph R. Biden, Jr., will rely on ally countries to supply the bulk of the metals needed to build electric vehicles and focus on...

Disclaimer: SmartRetirementReport.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.



Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!