Bankrupt Philippine Airlines incurred a total of P227 million losses from its ill-fated Kalibo.

Abandon ship! Lucio Tan’s PAL-Kalibo ferry sinks, books P774M loss

Based on PAL’s report to the United State Bankruptcy Court, PAL said Mabuhay Maritime Express Transport Inc. (MMET) reported a net loss of $3.324 million (P166.2 million) in 2020 and $1.209 (P60.45 million) in the first half of 2021.

MMET also has $3.174 million (P158.7 million) in payables due to PAL.

Murky deals in Guam allegedly got Joseph Chua evicted from Lucio Tan empire; daughter Gigi Tan Yu takes over Guam operations

PAL had previously booked P774 million in impairment losses in 2019 from the business bust – P540 million for vessels P235 million for terminals.

PAL said MMET is “engaged in the water transportation of passengers and cargoes. Commenced and ceased operations in 2019.”

Keeping it in the family: Lucio Tan appoints daughter Sheila as new PAL director in place of disgraced son-in-law Joseph Chua

The project is a brainchild of former PAL director Joseph Chua, the disgraced son-in-law of bilyonaryo Lucio Tan, who thought Boracay tourists would pay P1,500 to P2,500 each for a “premium luxury” boat transfer from the Kalibo airport to Boracay. Most travelers prefer to arrive in Caticlan rather than Kalibo airport because it is just a short boat ride from the world-famous island.

The post Joseph Chua’s brainchild: Lucio Tan’s PAL suffers P227M loss from Kalibo-Boracay ferry flop first appeared on Bilyonaryo Business News.



Joseph Chua’s brainchild: Lucio Tan’s PAL suffers P227M loss from Kalibo-Boracay ferry flop
Source: Filipino Daily Inquirer