Tycoon Lucio Tan’s offer to sell the Philippine Airlines (PAL) “at the right price” is welcomed by the country’s leaders saying the transaction will improve the nation’s economic image. Malacanang expects it to generate additional investments to the country. Presidential spokesperson Edwin Lacierda said that since the airline is considered as the country’s flag carrier, the additional investments would improve its branding as well as its services.
PAL Chairman and Chief Executive Tan confirmed that he is selling Asia’s 70-year old airline, but has not as yet decide how much.
Tan was reported to have talked to two of the country’s top businessmen San Miguel Corp. Executive Ramon Ang and Philippine Long Distance Telephone Co. (PLDT) Chairman Manuel Pangilinan about the possible buyout, but no result has come out as yet.