The First Pacific Group has received an offer to invest in cash-strapped Philippine Airlines but the Hong Kong-based conglomerate said it was not interested in airline operations, an official said Tuesday.
Manuel Pangilinan, managing director of First Pacific, said Tuesday the group found airline operation an unpredictable business, when asked by reporters if the company was approached by PAL to invest in the troubled company.
“Variables in going on a business of airline is beyond your control,” he said, citing fuel prices, weather conditions and the economic conditions that greatly affect the flow of the business.
Metro Pacific is involved in building roads, hospitals and water facilities through Maynilad Water Servinces Inc. It also has stake in power distributor Manila Electric Co.
Metro Pacific Investments Corp., the local unit of First Pacific, meanwhile, said it was keen on building another terminal in Diosdado Macapagal International Airport in Clark, Pampanga.
“The first step for us is to identify the technical advisor. We are not familiar with the airport so we are talking to several,” Pangilinan, who is also Metro Pacific chairman, said.
He said the decision to proceed with the project would depend on the results of the study to be conducted by a consultant.
“We are really at the basement of the process. We want to know how to go about this particular project because this is going to be complex,” Pangilinan said.
He said joint venture negotiations with San Miguel Corp. to expand the international airport had been stopped due to other business commitments of the two companies.
“We have talked to them [but] there is no ongoing discussion at the moment because we are both busy with other things,” Pangilinan said.
He said Metro Pacific would relay the recommendation of its technical advisor to San Miguel in case the partnership pushes through.
“I am assuming they also don’t have any knowledge in building an international airport,” Pangilinan said.
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