The Philippine Securities and Exchange Commission (PSEC) has given PAL Holdings the go-ahead to once more restructure its shareholding.

The parent firm of Philippine Airlines (PR, Manila Ninoy Aquino International) said in a stock market disclosure on September 3 that its paid in capital of PHP25.34 billion peso (USD473.9 million) from its 2017 financial statement could now be used to partially wipe out its deficit of PHP29.07 billion (USD543.6 million) for the same year.

In September last year, the SEC approved a similar application from PAL, again aimed at expunging a deficit from its financial report.

Although the stock restructurings have been painted as a precursor to the accession of a strategic partner, PAL President Jaime J. Bautista told Business World in July that discussions with prospective investors had not progressed.