C03846-2023

SECURITIES AND EXCHANGE COMMISSIONSEC FORM 17-C

CURRENT REPORT UNDER SECTION 17
OF THE SECURITIES REGULATION CODE
AND SRC RULE 17.2(c) THEREUNDER

1. Date of Report (Date of earliest event reported)
May 15, 2023
2. SEC Identification Number
PW-94
3. BIR Tax Identification No.
000-707-922
4. Exact name of issuer as specified in its charter
PAL Holdings, Inc.
5. Province, country or other jurisdiction of incorporation
Philippines
6. Industry Classification Code(SEC Use Only)
7. Address of principal office
8th Floor, PNB Financial Center, President Diosdado Macapagal Ave., CCP Complex, Pasay City Postal Code 1307
8. Issuer's telephone number, including area code
(02) 8810-2451
9. Former name or former address, if changed since last report
Not Applicable
10. Securities registered pursuant to Sections 8 and 12 of the SRC or Sections 4 and 8 of the RSA
Title of Each Class Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding
Common 11,610,978,242
11. Indicate the item numbers reported herein
Item 9

The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party.

PAL Holdings, Inc.PAL

PSE Disclosure Form 4-13 - Clarification of News Reports References: SRC Rule 17 (SEC Form 17-C) and
Section 4.4 of the Revised Disclosure Rules

Subject of the Disclosure

Clarification of News Report
Source BusinessWorld
Subject of News Report "PAL negotiating to sell four Bombardier planes"
Date of Publication May 15, 2023
Clarification of News Report

15 May 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 15 May 2023, seeking clarification of the news article entitled “PAL negotiating to sell four Bombardier planes” posted in BusinessWorld (Online Edition) today, which reported in part that:

“FLAG carrier Philippine Airlines (PAL) is in talks with buyers for its four non- operational Bombardier DHC 8-300 with proceeds to be used for investments in newer generation planes.

‘It has been there for a while. Those are the old-generation Bombardiers. We are still negotiating with some of the buyers, but I don’t think there’s a definite timeline as of the moment,’ PAL President and Chief Operating Officer Stanley K. Ng said in a chance interview last week.

Mr. Ng said the plan is to sell the aircraft as soon as possible as PAL already considers them as a dead asset.

Mr. Ng said the sale of the four planes is not expected to raise significant proceeds.

Meanwhile, the flag carrier is expecting to reactivate a total of 75 aircraft within the year.

‘Before it was 98. I think there are only three to four planes that need to be reactivated. But I think next week we’ll reactivate another one. But everything will be reactivated within the year,’ he said.
. . . .”


After due verification with Philippine Airlines, the Company hereby confirms the information that indeed the Bombardier DHC 8-300 is to be sold. The proceeds of the sale will be used for investments in newer generation planes. Lastly, a total of 75 aircraft is planned to be reactivated within the year.

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
Other Relevant Information

Please see attached files.
Filed on behalf by:
Name Ma. Cecilia Pesayco
Designation Corporate Secretary