THE PHILIPPINES
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No Sale of Philippine Airlines: Lucio Tan, majority owner of a consortium that controls money-losing Philippine Airlines, has said he will retain control of the Philippines’ flag carrier. He has also asked employees for “sacrifices” to help save the carrier. The beer and tobacco magnate was earlier reported to be selling his 50.1% stake in PR Holdings, the consortium that bid $388.9 million to win 67% of the airline when it was privatized in 1992. The airline is beset by rising personnel and maintenance costs while it faces heightened competition on domestic routes.
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