Flag carrier Philippine Airlines is in talks with an airline looking to take a stake in the carrier.
The carrier has long been on the lookout for a strategic investor to fund route expansion and beef up its fleet.
PAL chief operating officer Jaime J. Bautista said talks are already ‘well advanced’ and a deal could be complete by mid-year, as reported by BusinessWorld.
By law a foreign party is permitted to take up to 40% of PAL.
Declining to name the airline in question, Bautista did offer a few more snippets of information.
"They will contribute equity. They can contribute to management. They can help with the route, codeshare and possible membership in an alliance," Bautista said.
"The investor is not critical to achieving the five-star status since it’s all about customer experience but will make it easier since they have experience in getting a star rating."
