Flag carrier Philippine Airlines has struck a deal to help set up a new airline in Cambodia in partnership with local tycoon Okhna Kith Meng, hailed by many as the new face of Cambodian capitalism.
The Philippines would benefit immensely from having more than one airport to serve as the country’s international gateway, the same way large metropolitan areas overseas operate, according to the chief of San Miguel Corp.
The year 2012 is claimed to be one of the best years ever for the Philippine economy, with the gross domestic product expected to surpass the government’s target of 5 to 6 percent and the stock market ending the year on its 38th record high, making it the second-best performing market in Asia behind Thailand.
One of the biggest challenges Gil Buenaventura will face when he reemerges from a short-lived retirement on October 22 to become the new president of Development Bank of the Philippines is to fill up a shrinking plantilla.
After an aggressive information campaign to announce its new recruitment drive, Philippine Airlines human resources officials were swamped last weekend by applicants who wanted to join the ranks of the flag carrier’s cabin crew team.
Competition is heating up between Chinoy businessman Lucio Co-led Puregold Price Club and the SM group of retail king Henry Sy, with the former fast catching up in terms of nationwide grocery store footprint.
When Ramon Ang set San Miguel Corp. on its current path of aggressive diversification, he told an incredulous public that he would double the revenue of what was then Southeast Asia’s largest food and beverage company by 2015.
“Like buying a headache” is one of the most common descriptions used to describe San Miguel Corp.’s recent acquisition of a 49-percent stake, along with management control, in Philippine Airlines.
Philippine Airlines plans to acquire up to 100 new aircraft over the next five years, marking its most aggressive refleeting effort since the mid-1990s, according to the flag carrier’s new president.
San Miguel Corp. has taken over management control of publicly listed PAL Holdings—the parent company of flag carrier Philippine Airlines—following a recent $500-million buy-in deal with the group of taipan Lucio Tan.
The government can now sell its preferred stocks in diversifying conglomerate San Miguel Corp. following an affirmation from the Supreme Court that these assets belong to coconut farmers.
Philippine Airlines (PAL) has clarified reports quoting its chairman, taipan Lucio Tan, hinting at the entry of new shareholders that could spell a change in control of the storied flag carrier.
