SECURITIES AND EXCHANGE COMMISSIONSEC FORM 17-Q

QUARTERLY REPORT PURSUANT TO SECTION 17 OF THE SECURITIES
REGULATION CODE AND SRC RULE 17(2)(b) THEREUNDER

1. For the quarterly period ended

Jun 30, 2014

2. SEC Identification Number

PW-94

3. BIR Tax Identification No.

000-707-922

4. Exact name of issuer as specified in its charter

PAL HOLDINGS, INC.

5. Province, country or other jurisdiction of incorporation or organization

METRO MANILA, 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

632-817-8710

9. Former name or former address, and former fiscal year, 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 STOCK	24,836,512,096

11. Are any or all of registrant's securities listed on a Stock Exchange?

Yes

No

If yes, state the name of such stock exchange and the classes of securities listed therein:

PHILIPPINE STOCK EXCHANGE/COMMON STOCK - 5,421,567,685 SHARES

12. Indicate by check mark whether the registrant:

(a) has filed all reports required to be filed by Section 17 of the SRC and SRC Rule 17 thereunder or Sections 11 of the RSA and RSA Rule 11(a)-1 thereunder, and Sections 26 and 141 of the Corporation Code of the Philippines, during the preceding twelve (12) months (or for such shorter period that the registrant was required to file such reports)

Yes

No

(b) has been subject to such filing requirements for the past ninety (90) days

Yes

No

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 17-2 - Quarterly Report References: SRC Rule 17 and
Sections 17.2 and 17.8 of the Revised Disclosure Rules

For the period ended	Jun 30, 2014
Currency (indicate units, if applicable)	PESO

Balance Sheet

	Period Ended	Fiscal Year Ended (Audited)
	Jun 30, 2014	Dec 31, 2013
Current Assets	20,790,941,000	25,424,182,000
Total Assets	106,651,828,000	114,008,855,000
Current Liabilities	65,384,229,000	71,403,737,000
Total Liabilities	103,398,496,000	111,116,949,000
Retained Earnings/(Deficit)	-32,378,086,000	-32,995,856,000
Stockholders' Equity	3,253,332,000	2,891,906,000
Stockholders' Equity - Parent	3,185,272,000	2,833,091,000
Book Value per Share	0.14	0.13

Income Statement

	Current Year (3 Months)	Previous Year (3 Months)	Current Year-To-Date	Previous Year-To-Date
Operating Revenue	27,297,563,000	18,520,979,000	48,952,912,000	18,520,979,000
Other Revenue	144,619,000	286,705,000	365,813,000	286,705,000
Gross Revenue	27,442,182,000	18,807,684,000	49,318,725,000	18,807,684,000
Operating Expense	25,518,130,000	19,474,539,000	47,975,110,000	19,474,539,000
Other Expense	432,669,000	414,015,000	783,500,000	414,015,000
Gross Expense	25,950,799,000	19,888,554,000	48,758,610,000	19,888,554,000
Net Income/(Loss) Before Tax	1,491,383,000	-1,080,870,000	560,115,000	-1,080,870,000
Income Tax Expense	0	0	0	0
Net Income/(Loss) After Tax	1,491,383,000	-1,080,870,000	560,115,000	-1,080,870,000
Net Income Attributable to Parent Equity Holder	1,465,547,000	-1,062,109,000	550,356,000	-1,062,109,000
Earnings/(Loss) Per Share (Basic)	0.06	-0.04	0.02	-0.04
Earnings/(Loss) Per Share (Diluted)	0.06	0.04	0.02	-0.04

Other Relevant Information
NOT APPLICABLE