Philippine Airlines says foreign investor will provide 'stability'

MANILA -- Philippine Airlines on Tuesday said it expects to attract a strategic foreign investor within the year as the company faces surging fuel prices following demands by the government to pay significant back fees.

"Talks have not faltered. There is continuing discussion with the possible strategic investor," PAL President and Chief Operating Officer Jaime Bautista told the Nikkei Asian Review on Tuesday. "We are hoping we can close it this year."