Philippine Airlines gets unit sale credit
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Philippine Airlines (PAL) has received US$50 million credit to fund its outsourcing efforts. The national carrier has sealed an agreement with Credit Suisse to help finance part of the PHP2.5 billion (US$59 million) unit sale plan, which takes effect on 1 October 2011.
The airline’s Chief Financial Officer, Jose Gabriel Olives said PAL will use the funding to pay the separation costs of close to 2,400 workers affected by the sale.
“The agreement has been signed. All affected workers from PAL’s catering, ground handling and call centre reservations units can rest assured that they will be paid in full by October 2011 as promised,” said Olives.
Olives added that PAL’s service providers – SkyKitchen Philippines (catering), SkyLogistics Philippines (ground handling) and SPi Global (call centre) – are already processing the applications of PAL personnel who accepted job offers.
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