PAL to slash jet purchase

Thu, 12 Dec 1996, 00:00 WIB | Source: AFP

MANILA (AFP): Philippine Airlines (PAL) has decided to slash
by half a US$4-billion program to buy new aircraft because of a
recent Labor Department ruling favoring its restive employees,
chairman Lucio Tan said Tuesday.

"We have agreed to downsize to one-half of $4 billion," the
tycoon said, adding that the decision was reached by the PAL
board.

The decision will affect PAL's order for 36 planes from Boeing
Co. of the United States and the European consortium Airbus
Industrie. The planes had been scheduled for delivery over the
next two years.

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