16 November 2023 DISCLOSURE DEPARTMENT THE PHILIPPINE STOCK EXCHANGE, INC. Philippine Stock Exchange Plaza, PSE Tower, 5th Avenue corner 28th Street, Bonifacio Global City, Taguig City
Attention: MS. ALEXANDRA D. TOM WONG OIC-Head, Disclosure Department
Gentlemen:
This refers to your letter dated 16 November 2023, seeking clarification of the news article entitled “PAL expands flight, signs codeshare deal with Singapore Airlines” posted in BusinessWorld (Online edition) today, which reported in part that:
“FLAG CARRIER Philippine Airlines (PAL) has expanded its codeshare partnership with Singapore Airlines (SIA), increasing flight options between their respective countries and adding more international destinations. ‘The partnership is the product of a strengthened relationship with our fellow ASEAN mainline carrier, Singapore Airlines, and an enduring commitment to expanding our presence in Singapore,’ Stanley K. Ng, president and chief operating officer of PAL, said in a media release. The codeshare agreement, PAL said, will start by the fourth quarter of this year after regulatory approvals. . . . . PAL said the European codeshare sectors will be launched across its sales channels, as well as SIA’s in the coming weeks. . . . .”
We are pleased to confirm that the statements attributed to Capt. Stanley K. Ng, President of Philippine Airlines (PAL), is consistent with the plans of the Company to improve its business. The arrangement is in the nature of a sales agreement where Singapore Airlines (SIA) will sell on PAL’s domestic flights, while PAL can sell on SIA’s flights beyond Singapore. Such arrangement will help add more sales and revenues to the Company.”
We trust that we have clarified your query on the afore-quoted news article.
Very truly yours,
PAL HOLDINGS, INC. By:
MA. CECILIA L. PESAYCO Corporate Secretary |