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PHILIPPINE AIRLINES READY TO FILE FOR BANKRUPTCY

According to local media reports, Philippine Airlines Inc. Company (PAL) has begun negotiations with creditors on restructuring ... ... billion in liabilities to creditors. Before the pandemic, the tourism industry in the Philippines contributed about 13% of country’s GDP. It employed about 13.5% of the... ... by 82% (to less than 1.5 million in 2020). In February 2021, the representatives of airline confirmed that PAL is implementing an “enterprise-wide headcount reduction program”...

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