In a regulatory filing on Wednesday, PAL Holdings Inc. said its net loss attributable to equity holders ballooned by 138 percent to 10.31 billion pesos from 4.33 billion pesos (85.4 million U.S. dollars) in 2018. Net loss in 2017 totaled 7.33 billion pesos (144.6 million U.S. dollars).
The Philippines' largest airline blamed the losses over the last three years on "stiff competition, matched with ever-increasing costs".
Despite the losses, PAL President Gilbert Santa Maria said PAL is safe from immediate bankruptcy.
PAL said on February 28 that it has laid off 300 ground staff as part of a business restructuring plan to manage the company losses sustained from travel restrictions to coronavirus-stricken destinations.
The Philippines imposed in mid-March a lockdown in the entire main island of Luzon to slow down the spread of the coronavirus. Some other provinces in the central and southern Philippines also imposed a lockdown.
The lockdown, which runs until May 31, forced airport closures leading to the suspensions of all incoming and outgoing flights, except for international and domestic charter flights to repatriate foreigners out of the Philippines and to bring in Filipinos from abroad.
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