AIR PHILIPPINES TO CAGAYAN DE ORO, TACLOBAN
Manila, Feb. 5, 1998 - Air Philippines will soon be flying to Cagayan de Oro and Tacloban City, while at the same time increasing the frequency of its daily flights to Cebu, Bacolod, Zamboanga, Davao, Puerto Princesa and Iloilo.
The plans and year-end financial statement were issued to the Philippine Stock Exchange by Augustus Paiso, Air Philippines president, who revealed that despite the economic turmoil, the airline turned around from a P250-million loss in 1996 to break even in 1997.
Air Philippines started domestic operations on Feb. 1, 1996, with flights from Manila to Subic, Iloilo and Zamboanga, followed by operations in Cotabato, Davao, Legaspi and Naga. Air Philippines currently services 11 provinces from Manila: Cebu, Subic, Iloilo, Davao, Kalibo, Puerto Princesa, Bacolod, Zamboanga, Legaspi, Naga and General Santos City.
Its plans to go international this year will depend on the economic developments in the region and the outcome of efforts to save the Philippine peso.
"Air Philippines may hold its plan to go international but this decision will be solely dependent on how the country's economy will prosper. At this point, our management is closely watching for further developments and a settlement regarding this issue has not yet been reached," Paiso stressed.
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