{"id":26666,"date":"2014-09-23T14:38:30","date_gmt":"2014-09-23T06:38:30","guid":{"rendered":"https:\/\/canadianinquirer.net\/v1\/?p=26666"},"modified":"2014-09-23T22:42:24","modified_gmt":"2014-09-23T14:42:24","slug":"smc-admits-losing-money-on-pal-investment","status":"publish","type":"post","link":"https:\/\/canadianinquirer.net\/v1\/2014\/09\/23\/smc-admits-losing-money-on-pal-investment\/","title":{"rendered":"SMC admits losing money on PAL investment"},"content":{"rendered":"<figure id=\"attachment_23008\" aria-describedby=\"caption-attachment-23008\" style=\"width: 199px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/canadianinquirer.net\/v1\/wp-content\/uploads\/2014\/08\/PAL.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-23008\" src=\"https:\/\/canadianinquirer.net\/v1\/wp-content\/uploads\/2014\/08\/PAL-199x300.jpg\" alt=\"From the Facebook page of PAL\" width=\"199\" height=\"300\" srcset=\"https:\/\/canadianinquirer.net\/v1\/wp-content\/uploads\/2014\/08\/PAL-199x300.jpg 199w, https:\/\/canadianinquirer.net\/v1\/wp-content\/uploads\/2014\/08\/PAL.jpg 230w\" sizes=\"auto, (max-width: 199px) 100vw, 199px\" \/><\/a><figcaption id=\"caption-attachment-23008\" class=\"wp-caption-text\">From the Facebook page of PAL<\/figcaption><\/figure>\n<p>MANILA \u2013 San Miguel Corp. president Ramon Ang admitted losing profits on the company\u2019s investment in Philippine Airlines.<\/p>\n<p>The loses on profits occurred despite moves on turning around the moribund flag carrier for two years that the conglomerate was running the firm.<\/p>\n<p>\u201cSMC lost money in this deal,\u201d Ang said, adding that the conglomerate also failed to break even on its PAL venture because of failing to recover its cost of fund.<\/p>\n<p>He also said that he was also willing to let go of the negotiation with Lucio Tan following possibilities of the process to be turning hostile.<\/p>\n<p>This is due to the frustrations coming from both sides along with the unstable decisions made by PAL\u2019s former owner.<\/p>\n<p>\u201cIf we fought over it, it would destroy the value of PAL,\u201d he said, adding that adopting a hardline negotiating stance would result in a \u201close-lose\u201d situation for both sides and eventually erode the value of both tycoons\u2019 holdings. \u201cSo I agreed to sell.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>MANILA \u2013 San Miguel Corp. president Ramon Ang admitted losing profits on the company\u2019s investment in Philippine Airlines. The loses &hellip;<\/p>\n","protected":false},"author":44,"featured_media":23008,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19],"tags":[5456],"class_list":["post-26666","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-pal","mauthors-lei-fontamillas","mauthors-philippine-canadian-inquirer"],"_links":{"self":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/26666","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/comments?post=26666"}],"version-history":[{"count":0,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/26666\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media\/23008"}],"wp:attachment":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media?parent=26666"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/categories?post=26666"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/tags?post=26666"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}