Pangilinan denies plan to acquire PAL

The group of businessman Manuel V. Pangilinan has denied rumors he plans to acquire Philippine Airlines(PAL) once it has resolved its labor problems.

In separate disclosures, Philippine Long Distance Telephone Co. (PLDT) and Metro Pacific Investments Corp. (MPIC) said they were not  in  discussions to acquire PAL from the group of taipan Lucio Tan.

Both PLDT and MPIC are chaired by Pangilinan.

“Please be informed that MPIC has no plans to invest in PAL and is not involved in any discussions with PAL or any of its representatives,” MPIC vice-president for corporate communications Melody del Rosario said.

In its disclosure, PAL Holdings said its president and chief operating officer Jaime J. Bautista was not in talks with the Pangilinan group.

“PAL or PAL Holdings is not in discussion with First Pacific Co. Ltd,” the company said.

The rumors were  fueled by the recent incorporation of an aviation company called Pacific One Global Aviation Co. Inc., a private firm owned by PLDT and MPIC.

In a statement, PLDT said the new company was meant to be a holding firm for the  group’s private  jets. “The creation of this company is part of the rationalization of the PLDT group’s internal aviation requirements,” PLDT said.

“PLDT will spin-off its aircraft into the newly formed company,” it added.