Article - Airline

Philippine Airlines reports record financial performance in 2023

by Jeffrey Teruel - Founder/Editor-Flights in Asia
Published on April 02, 2024


Philippine Airlines recorded a record an all-time financial performance, and a large post-pandemic passenger traffic recovery in 2023.

Philippine Airlines recorded a record an all-time financial performance, and a large post-pandemic passenger traffic recovery in 2023.

On Monday (April 1), the Philippine flag carrier reported a net income of PHP 21 billion (USD $379 million) during the previous year – a 92% increase from 2022 (PHP 11 billion/USD $197 million).

According to Philippine Airlines, the positive performance follows a “robust increase” in operations and passenger traffic – both domestically and internationally. The net income excludes any one-off restructuring benefits.

The record financial performance comes amid the continued post-pandemic recovery in air travel. The airline recorded a 37% increase in passenger revenues from PHP 114 billion (USD $2.1 billion) in 2022 to PHP 160 billion (~USD $2.9 billion) in 2023. Total  Net Revenues – including cargo and ancillary revenues – grew by 27% from PHP 139 billion (USD $2.6 billion) to PHP 181 billion (USD $3.2 billion).

During 2023, Philippine Airlines operated 105,294 flights – an increase of 36% (27,000 flights) compared to 2022 (2022 – 77,533). The additional flights led to a 58% increase in passenger traffic from 9.3 million in 2022 to 14.7 last year.

In a statement, PAL Holdings President & Chief Operating Officer Lucio C. Tan III thanked the customers who entrusted their travel journeys to PAL and commended the dedication and commitment of the PAL Group workforce. “I express my profound thanks for the support and loyalty of our valued passengers and assure them of our unstinting focus on taking care of them when they fly with us.”

Tan added: “I laud the strategic approach of the PAL management team in navigating industry challenges. Our greatest resources are our people in the PAL Group who have stood resilient and have adopted a transformation mindset that benefits the company and its customers.”

In 2023, Philippine Airlines relaunched 13 routes previously suspended due to the COVID-19 pandemic including routes to cities in the Chinese mainland such as Beijing, shanghai, Xiamen, and Jinjiang. The airline also relaunched domestic routes from Cebu and Clark, and services to Seoul from the two cities.

Philippine Airlines also launched two new routes connecting Manila and Perth, Australia, and Cebu and Laoag.

To support its long-haul flight plans, Philippine Airlines announced an order for nine Airbus A350-1000 widebody jets in deal worth around PHP 177 billion (USD $3.2 billion) during the 2023 Paris Airshow.

Building Upon the Success in 2023

Looking to build upon the record year and continue the post-pandemic recovery, Philippine Airlines aims to capitalize on the increased resources to strengthen its network, upgrade its fleet, and introduce new and improved products and services in the coming years.

“To preserve the gains we have achieved, we must not rest on our laurels. PAL’s corporate transformation continues – we are taking in new aircraft, retrofitting cabins of current aircraft, upgrading airport lounges and introducing more product innovations to address our strategic, financial and operational needs across all areas of our operations,” said Stanley Ng, PAL President and Chief Operating Officer. “Our focus is set firmly on taking care of our customers. We will work collaboratively with government authorities and our service partners to build up our network and take the nation’s flag carrier to new heights in the coming years.” 

Powered by Froala Editor