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PHILIPPINE AIRLINES READY TO FILE FOR BANKRUPTCY

... with creditors on restructuring and plans to file a bankruptcy petition under the US bankruptcy law. The company had been working on plans for financial recovery, considering... ... 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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