The President and Chief Operating Officer of Philippine Airlines (PR, Manila Ninoy Aquino International), Jaime Bautista, has confirmed that the airline will finalise a deal with a strategic investor to buy up to 40% of the airline, reports Business World Online. Bautista also suggested that he is considering a re-IPO if further funding is needed.

Discussions with the strategic investor are ongoing with Bautista hopeful that a deal can be reached this year. "It takes time for a strategic investor to finalize their decision… You have to agree on valuations, management and administration of the airline," Bautista said. The cash injection from the new investment partner will enable the airline to continue its expansion plans – part of its "Heart of the Filipino" campaign – to become a five-star airline by 2020.

PAL registered on the Philippine Stock Exchange in 2007 via a backdoor listing when it took over Baguio Gold Holdings Corp. The introduction of a new investor will make a re-IPO, should one be necessary, a more attractive proposition for potential investors. Currently, PAL is 49% owned by Dr Lucio Tan, who purchased his USD1.3 billion stake from San Miguel Corp in 2014.