C04102-2014

SECURITIES AND EXCHANGE COMMISSIONSEC FORM 17-C

CURRENT REPORT UNDER SECTION 17
OF THE SECURITIES REGULATION CODE
AND SRC RULE 17.2(c) THEREUNDER

1. Date of Report (Date of earliest event reported)
Jul 30, 2014
2. SEC Identification Number
PW-94
3. BIR Tax Identification No.
000-707-922-000
4. Exact name of issuer as specified in its charter
PAL HOLDINGS, INC,
5. Province, country or other jurisdiction of incorporation
Philippines
6. Industry Classification Code(SEC Use Only)
7. Address of principal office
7/F Allied Bank Center, 6754 Ayala Avenue, Makati City Postal Code 1200
8. Issuer's telephone number, including area code
(632) 8178710
9. Former name or former address, if changed since last report
N/A
10. Securities registered pursuant to Sections 8 and 12 of the SRC or Sections 4 and 8 of the RSA
Title of Each Class Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding
Common Stock 24,836,512,096
11. Indicate the item numbers reported herein
Item 9

The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party.

PAL Holdings, Inc.PAL

PSE Disclosure Form 4-13 - Clarification of News Reports References: SRC Rule 17 (SEC Form 17-C) and
Section 4.4 of the Revised Disclosure Rules

Subject of the Disclosure

Clarification of News Article
Source Inquirer.net
Subject of News Report PAL Turnaroud
Date of Publication Jul 30, 2014
Clarification of News Report

Gentlemen:

This refers to your letter dated July 30, 2014 requesting for clarification/confirmation of the news article entitled “PAL Turnaround” posted in Inquirer.net on July 30, 2014, which in part states that:

“Amid the uncertainty on who will pilot its future, PAL is seen surprising critics with a return to profitability in the second quarter, for the first time in many years, that is.

Biz Buzz learned that PAL—the flagship subsidiary of PAL Holdings–posted a net profit of $34 million or close to P1.5 billion for the period April to June, in line with an earlier prediction from the carrier’s president Ramon S. Ang that PAL would turn around the results of operations this year, a company insider said. PAL is projected to end 2014 with a net profit of $30 million or P1.34 billion.

The return to profitability was partly attributed to the largest-ever refleeting program undertaken by PAL in its history. A total of 64 brand-new Airbus A330 and A321s had been ordered since SMC took over management of PAL in 2012, of which 19 had arrived and been deployed. PAL also took delivery of an additional two Boeing 777s last year, allowing PAL to implement optimal servicing of its existing international and domestic routes as well as open up new ones in Europe and the Middle East.

. . . .”








Please be informed that upon checking with Philippine Airlines or PAL, we were informed that the matter discussed in the said article has not been taken up in the Board or passed upon by the Audit Committee. We regret that we do not have official basis to either confirm or deny the above-quoted statement. In any case, the Second Quarter results of the Company, as well as that of PAL, shall be duly submitted to the Exchange and to the Securities and Exchange Commission in accordance with the pertinent disclosure rules and regulations.

We trust that you will find the foregoing in order.




Very truly yours,
PAL HOLDINGS, INC.
By:


MA. CECILIA L. PESAYCO
Assistant Corporate Secretary
Other Relevant Information

N/A
Filed on behalf by:
Name Ma. Cecilia Pesayco
Designation Assistant Secretary