Philippine Airlines (PR, Manila Ninoy Aquino International) is looking into a potential US dollar-denominated senior notes offering, according to a recent filing by parent PAL Holdings with the Philippine Securities and Exchange Commission (SEC). The proposed notes, subject to market conditions, would be issued by wholly-owned subsidiary Primero Agila Limited and guaranteed by Philippine Airlines and Air Philippines Corporation, which operates PAL Express (2P, Manila Ninoy Aquino International). PAL did not disclose the planned size or intended use of proceeds.

The carrier has appointed Deutsche Bank and BNP Paribas to arrange investor meetings in Asia, Europe, the Middle East, Africa, and the US from June 29, 2026, regarding the offering.