In a noteworthy development in the aviation industry, Lucio Tan III steps into the role of President at PAL Holdings Inc. (PHI), inheriting the mantle from his grandfather Dr. Lucio C. Tan. Meanwhile, the senior Tan maintains his positions as PHI’s Chairman and Chief Executive Officer. The change in leadership at PHI is aimed at providing stability and upholding a high level of integrity in the company.
A New Era Under Lucio Tan III
Tan III expressed his commitment to the company, saying, “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.”
The Turnaround: From Losses to Profits
PHI recently celebrated a significant milestone, posting a consolidated operating income of PHP17B in 2022, compared to an operating loss of PHP4B in 2021. The organization credits this dramatic turnaround to the implementation of the Philippine Airlines’ (PAL) financial restructuring plan and a surge in the demand for air travel following the reopening of travel borders.
Dr. Lucio Tan, in his capacity as Chairman, expressed his gratitude during a virtual Annual Stockholders Meeting held recently. “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,” Tan stated.
Impressive Performance and Future Plans
PHI observed a remarkable 137% increase in consolidated revenues in 2022, earning PHP139B as opposed to PHP59B in 2021. Concurrently, the number of passengers soared by 214%, jumping from 2.97M in 2021 to 9.31M in 2022.
Under the new leadership, PHI, the parent company of PAL and Air Philippines Corporation, looks forward to an exciting future. PAL recently kickstarted nonstop service from Manila to Perth and reopened routes between the Philippines and several mainland China locations. The airline operates an extensive domestic network from its main hubs in Manila, Cebu, and Davao. As the only airline offering nonstop flights from the Philippines to the United States and Canada, PAL also boasts the most extensive network of flights from Manila to various cities in the Middle East, Japan, and Australia.
Under the stewardship of Lucio Tan III, PAL Holdings appears primed to navigate the dynamic aviation landscape. By maintaining a steadfast focus on customer service, accountability, and innovative development, the company seems set to soar to new heights.
First love never dies. I fell in love with airplanes and aviation when I was a kid. My dream was to become a pilot, but destiny led me to another path: to be an aviation digital media content creator and a small business owner. My passion for aviation inspires me to bring you quality content through my website and social accounts. Aviation is indeed in my blood and blog!
