FLAG carrier Philippine Airlines has lowered its net income target for the year due to rising fuel costs and the peso’s depreciation against the US dollar. It will be a modest profit,” PAL President and Chief Operating Officer Jaime Bautista told reporters when asked about the airline’s profit guidance for 2018. Kailangan talaga ang [We really need a] fuel surcharge,” Bautista added. The airline is urging the government to approve its petition for a fuel surcharge which it submitted last December. However, Bautista said PAL will need to review the amount as fuel costs continued to rise this year.

Source: Manila Times June 03, 2018 16:15 UTC