The country’s flag carrier, Philippine Airlines, announced laying off more than 300 workers, adding to last week’s reported mass layoffs at multinational companies, including Honda and Wells Fargo.
PAL said the retrenchment process is part of a business restructuring initiative to increase revenues and reduce costs. According to PAL, the affected employees will receive appropriate separation benefits, additional trip pass privileges, and assistance in the form of career counseling and outplacement support.
The airline has also implemented a voluntary separation initiative for long-serving employees. PAL has been striving to return to profitability after being in the red during the past several years.