Bankrupt Philippine Airlines incurred a total of P227 million losses from its ill-fated Kalibo.
Based on PAL’s report to the United State Bankruptcy Court, PAL said Mabuhay Maritime Express Transport Inc. (MMET) reported a net loss of $3.324 million (P166.2 million) in 2020 and $1.209 (P60.45 million) in the first half of 2021.
MMET also has $3.174 million (P158.7 million) in payables due to PAL.
PAL had previously booked P774 million in impairment losses in 2019 from the business bust – P540 million for vessels P235 million for terminals.
PAL said MMET is “engaged in the water transportation of passengers and cargoes. Commenced and ceased operations in 2019.”
The project is a brainchild of former PAL director Joseph Chua, the disgraced son-in-law of bilyonaryo Lucio Tan, who thought Boracay tourists would pay P1,500 to P2,500 each for a “premium luxury” boat transfer from the Kalibo airport to Boracay. Most travelers prefer to arrive in Caticlan rather than Kalibo airport because it is just a short boat ride from the world-famous island.