Tuesday 26 September
Powered by Ajaxy

Respect lease contract, PAL tells Pagcor

 

Philippine Airlines wants the Philippine Amusement and Gaming Corp. to respect the terms of a lease contract entered into by both parties in July 2014.

“The existing contract between PAL and PAGCOR is legal, valid and binding based on the terms negotiated and finalized by both parties three years ago,” the Lucio Tan-led airline said as it disputed the state gaming regulator’s position that PAL was prohibited from building a new passenger terminal at the rented property which is located at the former Nayong Pilipino complex.

Pagcor revealed it wasn’t the absolute and registered owner of the property based on the review of the lease contract. As such, PAL does not acquire any right to the possession or enjoyment of the property, the state-run gaming firm said

PAL, however, cited Article 12.8 of the contract which states that “PAGCOR… is the lawful owner of the leased premises; that is free from all encumbrances; that it has a right and has been duly authorized to lease the same as aforesaid and that it will warrant and defend the same against the lawful claims and demands of all persons.”

Southeast Asia’s oldest airline cited Pagcor’s acceptance of PAL’s initial payments, permission to conduct tests, and issuance of statement of account.

Nevertheless, PAL reiterated its willingness to engage with PAGCOR and other stakeholders in pursuit of its goal to work with government in building and upgrading airport infrastructure.

Tags: , , , , ,

Related Stories
The Philippine Amusement and Gaming Corp. said Philippine Airlines (PAL) is prohibited from building a
Textron Software Solutions Inc. has acquired 5.79 million shares of PhilWeb Corp. as settlement for
Shares of PhilWeb Corp. jumped 18 percent in in early trade after the company said
Gaming firm Leisure & Resorts World Corp. (LRWC) is opening nine more bingo sites within


 

Trending News

Recommended on sister sites

Copyright © 2017 Bilyonaryo - bilyonaryo.com.ph.