Deputy Speaker and Surigao del Sur Rep. Johnny Pimentel said Sunday (May 31) that the country's leading air carriers - flag carrier Philippine Airlines, Cebu Pacific, and Air Asia Philippines - might be forced to get new investors to help them survive the great financial crunch dealt by the COVID-19 pandemic.
Deputy Speaker and Surigao del Sur Rep. Johnny Pimentel said Sunday that the country’s leading air carriers – flag carrier Philippine Airlines, Cebu Pacific, and Air Asia Philippines – might be forced to get new investors to help them survive the great financial crunch dealt by the COVID-19 pandemic.
Regular domestic and international flights have been grounded since mid-March in a bid to contain the spread of the new coronavirus, which originated in Wuhan City, China. “There is ample liquidity out there because of the Bangko Sentral ng Pilipinas’ series of interest rate cuts since February,” noted the Partido Demokratiko Pilipino–Lakas ng Bayan spokesperson.
“In the event that there will be a change in control, then they will have to seek our [the House of Representatives’] approval [of the transfer of ownership],” said the Mindanao lawmaker.
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