Philippine Airlines Flies Out of Turbulent Skies With Soaring Revenues
loader image
Philippine Airlines Flies Out of Turbulent Skies With Soaring Revenues

Philippine Airlines Flies Out of Turbulent Skies With Soaring Revenues

Current Events | August 4, 2022
  • 0

After suffering losses following lockdowns and travel bans during the pandemic, things are finally looking up for Philippine Airlines.

Just like many industries, travel and tourism was hit hard during the pandemic, as lockdowns and travel bans halted operations. However, this doesn’t stop the expenses that these companies still need to shell out—from overhead costs to salaries, maintenance fees, and more.

The same goes for billionaire Lucio Tan’s airline company Philippine Airlines (PAL). During the height of the pandemic in 2020, PAL reported a record loss of PHP 71.8 billion. That’s a whopping 600%!

Thankfully, with cost cutting measures and the suspension of long-term debt payments to lenders, the airline was able to somewhat remain afloat. While revenues dropped by 64% to P55.26 billion, expenses also fell 46% to P81 billion amid flight restrictions and the collapse in travel demand.

Fast forward to the present—the “new normal”—where quarantine restrictions have eased and traveling is back. Escaping turbulent skies, PAL made a recovery as it reported a net income of PHP 4.2 billion in the first half of 2022 versus a PHP 16.552 billion loss in the same period last year.

This is highly unprecedented but good news on their end, as this is the first time that PAL posted two consecutive quarterly profits since the late President Benigno Aquino III was still in Malacanang.

In the Clear

With a passenger growth of 258% and cargo expansion of 31%, PAL said that revenues soared to an all-time high with a 223% increase, or PHP 58.1 billion during the first half of 2022. What’s more, the flag carrier was able to profit despite acquiring almost double its expenses at PHP 51.5 billion—PHP 19.9 billion of which can be credited to higher fuel prices.

According to Tan’s son-in-law, PAL president and COO Capt. Stanley K. Ng, the airline’s comeback is due to the loyalty of PAL’s customers. “We acknowledge tough challenges ahead, as various regions grapple with rising inflation, higher energy costs, and economic uncertainties,” he says.

“We will continue to be fiscally prudent as we mobilize our talents and resources to grow responsibly—in a way that helps boost tourism, supports overseas Filipinos, and offers the best value to travelers and cargo shippers,” Ng adds.

What’s more, PAL has hit the ground running with $505 million (around PHP 28.12 billion) in fresh capital from Tan as it restored its flights and routes amid the easing of travel restrictions in the Philippines and other countries.

RELATED STORIES:

In Debt Look: What Happened to BDO and Dennis Uy’s Shares?

Revenge Travel: People are Planning Their Trips in These Prime Destinations

What Really Happened to Hong Kong’s Jumbo Floating Restaurant?

OneMega.com is your all-in-one access pass to exclusive content from a wide variety of lifestyle experts, thought leaders, influencers and leading content creators here in the Philippines and around the world. OneMega.com is a prestige media brand of One Mega Group, Inc.

ONEMEGA EDITORIAL TEAM

EDITOR-IN-CHIEF Marga Medrano-Tupaz
JR ASSOCIATE EDITOR Diane Nicole Go
GROUP CREATIVE DIRECTOR Jann Pascua
GROUP ART DIRECTOR Marc Pagdilao
MULTIMEDIA ARTIST Denielle Carag
GROUP PUBLISHER Janine Recto
BRAND ASSOCIATE Pilar Angliongto

CONTRIBUTORS

FASHION Amina Arañaz-Alunan Jojie Lloren Robby Carmona Patty Ang Candy Dizon Francis Libiran | BEAUTY Dr. Vicky Belo Kim Reyes-Palanca Marie Lozano Firas Abboud Jude Hipolito and Rose Velasco (JuRo) Jigs Mayuga | LUXURY Bianca Salonga JP Tuason Jeanette Ipapo-Tuason Marlon Stöckinger | TRAVEL Vern Enciso Ferdi Salvador Marie Field-Faith | TECH & GADGETS Carlo Ople Enrique Miranda Gerry Sy | HOME & DESIGN Geewel Fuster Kitty Bunag Tessa Alindogan Vianca Favila | BUSINESS & CAREER Franco Saycon Venus Navalta Eric Dee Dr. Z Teo Pinky Tobiano Atty. Connie Aquino | ENTERTAINMENT Girlie Rodis MJ Marfori G3 San Diego Georcelle Dapat Sy / G-Force | FOOD & ENTERTAINING Aüa Chino Hernandez Happy Ongpauco-Tiu Nina Daza-Puyat Robby Goco JJ Yulo | PARENTING Cat Arambulo-Antonio Paulyne Fermin Michelle Aventajado Jerika Ejercito Aguilar Celine Gabriel Lim | FITNESS & WELLNESS Nadine Tengco Harvie de Baron Sara Black Arnold Aninion Teresa Herrera Anthon Tanya Aguila Simon Greatwich | WEDDINGS Marbee Shing-Go Amanda Tirol Charisse Tinio Jason Magbanua Gideon Hermosa Robert Blancaflor | YOUTH Chris Nick Milka Romero Miko Tiu Laurel Janeena Chan

ADVERTISING

ADVERTISING DIRECTOR Maureen Alexis Busto
KEY ACCOUNT MANAGERS Chloe Tapucar, Jasmine Co Leng, Ivan Panganiban
ACCOUNT MANAGERS Lexi Malongga, Yna Sison, Nykhole Cruz
Advertising implementer and coordinator Victoria Vedana, Jessa Mae Sicat

MARKETING AND ADVERTISING SERVICES

Marketing Communication Manager Pam Rodriguez
Copywriter / Social Media Associate Rowan Palomares
Social Media Associate Kyla Nicole Taal
Multimedia Artist Agatha Romero

CREATIVE SERVICES

Creative Services Manager Kristoff Sison
Multimedia Artists Gari Rivera, Elmer Pereira,
Niel Jhed Ibay
Copywriters Peaches Garcia, Althea Villanueva,
Roanna Alonzo, Chad Losanta, Christina Zabat

PRODUCTION & LOGISTICS

Production & Logistics Manager ERICA LUNA
Booking Associate Mae Talaid, KZ Francisco
Pull Out Coordinator & Production & Logistics Assistant MJ Almero

STUDIO & IMAGING

Production and Studio Manager Ed Simon
Photographer Kieran Punay, Excel Panlaque
Final Artists Eric Gallego, Eric Clarete
Cameraman JR Ramirez

SOUND AND MOTION

Sr Video Editor Jasper Bermejo
Video Editor / Producer Regina Aceron
Video Editor Miguel Lim

EXECUTIVE OFFICE

AVP for MARKETING & PUBLISHING Marga Medrano-Tupaz
VP for CONTENT Peewee Isidro
CHIEF EXECUTIVE OFFICER Archie Carrasco

ONE MEGA GROUP, INC.

CHAIRMAN Archie Carrasco
FOUNDING CREATIVE DIRECTOR Lorraine Belmonte
FOUNDER Sari Yap

SALES

AVP - Business Development Carmelli Daet

CONSUMER MARKETING AND CIRCULATION

Head of Consumer Marketing and Circulations Arriane Sanchez
Newsstand Manager Piero Talag
Consumer Marketing Associate Champ Bersales
Firm Sales and Subscriptions Associate Jorean Ann Flores
Multimedia Artist Hilrey Batolan

EVENTS

Head of Consumer Marketing and Circulations Arriane Sanchez
Events Manager BRENT CASTRO
Production Manager EIPRIL BURCE, ELISHUA BALINTON
Video and GFX Editor ANDREW CIUDAD


HUMAN RESOURCES

HR Manager Mairen Buan
Organizational Development and HR Tech Supervisor Lorenzon Miguel Barbeyto
HR Supervisor Vanessa Orpilla
Sr Payroll Associate Angielica Baril
Recruitment Associate Michelle Grace Flores, Dorothy Gail Santos

MIS / IT

Head of MIS/IT Harvey Medina
Senior IT Associate Jomer Calleja

WEB DEVELOPMENT

Web Development Manager Carlo Tumaliuan
Web Developer Supervisor King Villarta
Jr Web Designer Jen-Lyn Dumlao


ADMINISTRATION & PURCHASING

Admin & Purchasing Manager Avy Lagarto
Sr Office Support Associate STEPH URBANO
Company Driver Bernard Dela Cruz
Motorized Messenger Marwin Navarra

DESIGN & CONSTRUCTION

Project Manager Archt. Romeo Zurita

LEGAL

Legal Counsel Atty. Homer Alinsug
OIC-Corporate Legal Avy Lagarto

FINANCE

Finance Manager Rachel Cabagua
Finance Supervisor Janin Tabora
Credit & Collection Supervisor Nainine Buenaobra
Senior Treasury Associate Maileen Capilitan
Senior Accounting Associate John Dela Torre
General Accounting Associate Ruffa Dela Pena
Accounting Associate Zarah Mira

CORPORATE AFFAIRS and BUSINESS EXPANSION

Head of Corporate Affairs and Business Expansion Rodolfo Palanca Jr.
Copy Chief Andrea Eliza Santos
Corporate Affairs Associate Margaux Pua
Creatives Associate Alecs Beltran

EXECUTIVE OFFICE

Chief Operating Officer Ma. Cecilia Ngo
Executive Assistant to the CEO KAREN DE CASTRO
Executive Assistant to the COO Thea Pamela So

AGC POWER HOLDINGS CORP.

Chairman & CEO Archie Carrasco