Restricted by the terms of its rehabilitation plan, industry sources said the country’s flag carrier would not have the flexibility to agree to the plan let alone comply with the requirement to leave Terminal 2 and move its operations to the new terminal.
Former Securities and Exchange Commission (SEC) Chairman Perfecto Yasay Jr. told The STAR that PAL’s rehabilitation plan precludes any major expenses that would have an impact on its schedule of payments for its debts.
Under the restated development plan for Terminal 3, PAL would have to agree to the plan and move its operations in order to free Terminal 2 for domestic passengers. The obsolete Terminal 1, on the other hand, will be finally shut down.
For the Terminal 3 development to be acceptable to foreign investors participating in the project, the local proponents would have to secure PAL’s cooperation which Yasay said is not likely.
According to Yasay, who was SEC chairman when PAL was placed under receivership, transfering PAL’s operations to Terminal 3 would require it to acquire two more widebody aircraft in order to maintain the passenger turnaround that it has been able to achieve when it consolidated its operations hub at Terminal 2.
Yasay is now spokesman of the MIAA-NAIA Association of Service Organizations (MASO) which opposes the development of Terminal 3 at the Villamor Airbase.