Philippines: San Miguel Corp. takes over control of Philippine Airlines
The Philippine Daily Inquirer reports that San Miguel Corp. a huge conglomerate best known perhaps for its beer will invest at least half a billion U.S. in the main Philippine airline PAL (Philippine Airlines) and the smaller Air Philippines.
San Miguel will have control of management at both air lines. PAL is also known among some critics as Plane Always Late. However, my own experience has been that it is not all that bad!
Plans for renewing the fleet could cost anywhere from half to one billion dollars U.S. No doubt they will need to now serve San Miguel beer and snack foods exclusively! For more see this article. For San Miguel Corp. see here.