PAL Holdings Inc. appoints Tan as president, while his grandfather, Dr. Lucio C. Tan, retains key positions within the holding company.
Lucio Tan III takes over the post of his grandfather, Dr. Lucio C. Tan, when he was appointed yesterday, May 25, as president of PAL Holdings Inc. (PHI). The older Tan remains PHI chairman and chief executive officer, while the younger Tan assumes the position as Philippine Airlines (PAL) posts dramatic growth in terms of income and volume of passengers in 2022.
“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 newly appointed president, one People Asia’s Men Who Matter awardees last year.
PHI registered a total consolidated operating income of P17 B in 2022, a turnaround from an operating loss of P 4 B in 2021.
In a virtual annual stockholders meeting held today, PHI attributed the turnaround to the implementation of PAL’s financial restructuring plan and the increased demand for air travel with the reopening of travel borders.
“I am grateful to our shareholders, our customers, the flying public, for their trust and support. We face major challenges just the same. We need to rebuild our product and our fleet. Philippine Airlines needs to be a stronger competitor and a leader in service and innovation,” said older Tan said.
PHI’s consolidated revenues improved by 137 percent to P 139 B in 2022 from P 59 B in 2021. The number of passengers increased by 214 percent to 9.31 M in 2022 from 2.97 M in 2021.
PAL has inaugurated the Manila-Perth nonstop service and has reopened routes between the Philippines and points in mainland China. On top of an extensive domestic network anchored on its gateway hubs in Manila, Cebu, and Davao, PAL is the only airline operating nonstop flights linking the Philippines to the United States and Canada, along with the largest network of flights from Manila to multiple cities in the Middle East, Japan, and Australia.
PHI is the parent firm of PAL and another subsidiary Air Philippines Corporation. It is also a member of the Lucio Tan Group of Companies.
For more information on PHI, visit www.phi.com.ph
