TWO board members of Philippine Airlines (PAL), Inc., former central bank governor Amando M. Tetangco, Jr. and lawyer Estelito P. Mendoza, have resigned, PAL Holdings, Inc. confirmed Friday.
In a disclosure to the stock exchange on Friday, PAL Holdings, Inc., the parent company of PAL, said: “As confirmed with the Corporate Secretary of Philippine Airlines, Inc., Atty. Marivic T. Moya, both Governor Amando (M.) Tetangco, Jr. and Atty. Estelito (P.) Mendoza have submitted their resignations from the Board of Philippine Airlines, Inc.”
The resignations of Messrs. Tetangco and Mendoza will be taken up in the upcoming board meeting, the company said in its disclosure.
PAL Holdings did not cite any reasons for the resignations of both officials, which The Philippine Star first reported on Friday morning.
Asked to comment, Law and Business professor Antonio A. Ligon of De La Salle University said in a phone interview: “More on internal and policy management ‘yan. We will not dwell on their personal reasons. It’s something that’s internal.”
“[But] that’s not good for the image of the company because, of course, we are talking about the leadership and board membership, and that’s something that really has to be studied by the management. Whether they have personal reasons. On the corporate side, when you see not just one but so many board of directors resigning, that’s not a good sign,” he added.
Asked how this will affect PAL’s investors, he said: “It will cause discomfort among investors, but not really panic because we don’t know the real reasons yet. Pero pagka nakikita mo ‘yung officers are resigning at the same time, medyo it will get your attention that you really have to look into it (When you see officers resigning at the same time it will get your attention).“
Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a mobile phone message: “We dont think it will affect the company. Maybe it’s more related to the change of leadership in the family since they have been restructuring.”
PAL reported in October that its board accepted the resignations of Angelito A. Alvarez as the airline’s senior vice president for planning and commercial group, and Siegfred B. Mison as senior vice president for legal and general counsel.
On Oct. 28, three months after his appointment, Gilbert Gabriel F. Santa Maria resigned as PAL Holdings’s president. He remains president and chief operating officer of the operating company, PAL.
Mr. Santa Maria was replaced by Lucio K. Tan, Jr. who died on Nov. 11.
In the nine months to September, PAL’s attributable net loss widened 116.2% to P8.5 billion from P3.92 billion a year earlier, as expenses and financing charges increased.
Revenue rose 5.6% to P117.92 billion, primarily as passenger and ancillary revenue increased due to additional frequencies and new routes which contributed to the growth in passenger volume. — Arjay L. Balinbin