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Covid-19 Impact: Philippine Airlines Makes $1bn revenue loss

picture credit: Getty Images

Philippine Airlines has confirmed losing nearly $1 billion in revenue since it suspended operations due to the coronavirus pandemic.

The parent company of the Philippine Airlines, PAL Holdings, made the confirmation.

President of Philippine Airlines, Gilbert Santa Maria, has been quoted in local newspaper, The Philippine Star, that the airline has seen revenue losses of over $300 million per month.

The monthly losses, he says total nearly $1 billion since suspending operations in March.

PAL Holdings disclosed that Philippine Airlines had been “more or less” generating revenues of $300 million per month and thus Santa Maria’s estimate is “not without basis”.

According to The Philippine Star report, Santa Maria also stressed that the airline is “not in immediate danger of bankruptcy”, primarily due to the Ps15 billion ($296 million) injection made by its owner Lucio Tan, who is also PAL’s chairman and chief executive.

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