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)

Mar 2, 2020

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

8th Floor, PNB Financial Center, President Diosdado Macapagal Ave. CCP Complex, Pasay City Postal Code 1307

8. Issuer's telephone number, including area code

(02) 8810-2451

9. Former name or former address, if changed since last report

Not Applicable

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	11,610,978,242

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 Reports

Source	inquirer.net
Subject of News Report	“PAL ‘fighting for its future’ as 2019 losses hit P10.6B”
Date of Publication	Mar 2, 2020

Clarification of News Report
02 March 2020 DISCLOSURE DEPARTMENT THE PHILIPPINE STOCK EXCHANGE, INC. Philippine Stock Exchange Plaza, PSE Tower, 5th Avenue corner 28th Street, Bonifacio Global City, Taguig City Attention : Ms. Janet A. Encarnacion Head, Disclosure Department Gentlemen: This refers to your letter dated 02 March 2020, seeking clarification of the news article entitled “PAL ‘fighting for its future’ as 2019 losses hit P10.6B” posted in Inquirer.net news today, which reported in part that: “Philippine Airlines recorded the biggest loss in its corporate history last year due to what its chief described as ‘unsustainable long-term debt and lease obligations [in] billions of US dollars,’ aggravated by the Taal volcano eruption and the ongoing COVID-19 crisis. In a letter sent to the flag carrier’s employees last week, president and COO Gilbert Santa Maria said PAL had sustained a net loss of $208 million in 2019 —equivalent to P10.6 billion at the prevailing exchange rate— and marking the third consecutive year of losses for the Lucio Tan-owned firm. ‘To survive, our flag carrier needs to find a way to profitability, reduce its debt and achieve a higher level of competitiveness,’ he said. ‘To this end, we have been working on turnaround initiatives to strengthen revenue generation and manage costs.’ Last Friday, PAL announced a retrenchment program affecting 300 employees and company sources indicated that this number could rise. The airline has a total headcount of 6,087 employees, compared to budget carrier Cebu Pacific’s staff compliment of 4,000. . . . . Apart from the retrenchment program announced last Friday, PAL also initiated a voluntary separation program (VSP) for eligible long-serving employees as a first crucial step in a necessary restructuring effort to reduce overhead costs. . . . .” We confirm that the article generally describes the current condition of the airline and the steps taken by the Management and majority shareholders to address the situation. Hope you find the forgoing in order. Very truly yours, PAL HOLDINGS, INC. By: MA. CECILIA L. PESAYCO Corporate Secretary
Other Relevant Information
None.