Philippine Airlines (PAL), a trade name of PAL Holdings, Inc.

(PSE: PAL), also known historically

(until 1970) as Philippine Air Lines, is the flag carrier of the Philippines. Headquartered at
the PNB Financial Center in Pasay City,[8][9] the airline was founded in 1941 and is the first and oldest
commercial airline in Asia operating under its original name.[10] Out of its hubs at Ninoy Aquino
International Airport of Manila, Clark International Airport of Angeles, Mactan-Cebu International
Airport of Cebu, and Francisco Bangoy International Airport of Davao,[11] Philippine Airlines serves 31
destinations in the Philippines and 54 overseas destinations in Southeast Asia, East Asia, Middle
East, Oceania, North America and Europe.[12] Philippine Airlines operates a mixed fleet
of Airbus and Boeingaircraft with Airbus A320, Airbus A321, Airbus A321neo, Airbus A330, Airbus
A350, and Boeing 777-300ER

History
Main article: History of Philippine Airlines
Formerly one of the largest Asian airlines, PAL was severely affected by the 1997 Asian financial
crisis. In one of the Philippines' biggest corporate failures, PAL was forced to downsize its
international operations by completely cutting flights to Europe and Middle East, cutting virtually all
domestic flights except routes operated from Manila, reducing the size of its fleet, and laying off
thousands of employees. The airline was placed under receivership in 1998, and gradually restored
operations to many destinations. After PAL's exit from receivership in 2007, PAL embarked on a
frequent revamp of management. However, PAL's vision to re-establish itself as one of Asia's
premier carriers, is still the matter of greatest importance.[13]

Corporate management

The Philippine Airlines logo shown on the PNB Financial Headquarters from Roxas Boulevard

The entrance to the Philippine Airlines head office at the PNB Financial Headquarters along Macapagal
Boulevard in Pasay City.

Philippine Airlines is owned by PAL Holdings (PSE: PAL), a holding company responsible for the
airline's operations. PAL Holdings is in turn part of a group of companies owned by business
tycoon Lucio Tan. ANA Holdings, the holding company of All Nippon Airways, has a 9.5% stake in
PAL Holdings.[14] PAL is the ninth-largest corporation in the Philippines in terms of gross revenue, as
stated in the Philippines' Top 1000 Largest Corporations of 2017. [15] As of December 2018, PAL
employs a total of 6,689 employees, which includes 999 pilots and 2,647 cabin crew. [16] PAL is the
sixty-first largest airline in the world in terms of revenue passenger kilometers flown, with over 16
million flown for 21 million available seat kilometers, an average load factor of 76 percent. [17] PAL has
flown approx. 12 million passengers in 2014[18] and 16 million in 2016.[19]
For the fiscal year ending on March 31, 2007, Philippine Airlines reported a net income of US$140.3
million, the largest profit in its 76-year history.[20] This allowed it to exit receivership in October. PAL
had forecast net profit to reach $32.32 million for the fiscal year ending on March 31, 2008, $26.28
million in 2009 and $47.41 million in 2010, but this proved difficult to achieve, with a large loss
announced in early 2009 causing some concern.
However, Philippine Airlines reported a total comprehensive income of $20.4 million for 2014, the
company's first profit in four years.[21] The company continued its financial turnaround, reporting a net
income growth of 4430.04% for the year 2015.[22] However, PAL reported a loss in 2016, with a net
income growth of -38.80%.[22]
On November 15, 2018, the airline was named the "Most Improved Airline of 2019" award from
airlineratings.com, a product rating website.