Philippines Airlines

Philippine Airlines, Inc. (abbreviated as PAL) operating as Philippine Airlines, is the flag carrier of the Philippines. The airline was founded in 1941 and is the first and oldest commercial airline in Asia operating under its original name. Its main hub is Ninoy Aquino International Airport of Manila.
In 1935 Philippine Congress approved the franchise of Philippine Aerial Taxi Company, Incorporated (PATCO) to provide mail, cargo and passenger service particularly in the island of Luzon. The company became dormant for six years on its scheduled passenger operation under its assigned routes. In 1941 Philippine Air Lines, Inc. acquired the franchise of Philippine Aerial Taxi Company, incorporated, thus the birth of Philippine Airlines. Government investment paved the way for its nationalization. In 1946 PAL resumed operations after a five-year hiatus.
Formerly one of the largest Asian airlines, PAL was severely affected by the 1997 Asian financial crisis. In what was believed to be one of the Philippines’ biggest corporate failures, PAL was forced to downsize its international operations by completely cutting operations to Europe and eventually Middle East, cutting virtually all domestic services excluding routes operated from Manila, reducing the size of its fleet and terminating the jobs of thousands of employees. The airline was placed under receivership in 1998, gradually restoring operations to many of the destinations it formerly serviced. PAL exited receivership in 2007 with ambitious plans to further its previously serviced destinations, as well as diversify its fleet.
Source: Wikipedia

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