Gov’t aid for PAL will depend on Chapter 11 outcome — Dominguez

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MANILA, Philippines — The government will wait for the outcome of Philippine Airlines’ bankruptcy filing in New York before deciding whether to use taxpayers’ money to help the loss-making national carrier raise funds for its post-restructuring needs.

 

During Thursday’s Senate panel hearing on the proposed national budget for next year, Sen. Grace Poe took the occasion to ask Finance Secretary Carlos Dominguez III how the Duterte administration plans to help the beleaguered airline, which recently filed for Chapter 11 bankruptcy in the United States.

 

Dominguez, a former PAL president himself, said the government would only participate in any fundraising activities of the airline if all goes well with its corporate restructuring. This is to make sure that PAL can pay whatever amount that state-run banks will lend to the company.

 

Full Story: https://www.philstar.com/business/2021/09/09/2125992/govt-aid-pal-will-depend-chapter-11-outcome-dominguez

 

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