PAL Holdings, Inc., (the Company), was incorporated in 1930 as “Baguio Gold Mining Company”. In 1996, the Securities and Exchange Commission approved the change in the Company’s name to “Baguio Gold Holdings Corporation” and the change in its primary purpose to that of a holding company.
 
On May 30, 1997, the stockholders approved the increase in the Company’s authorized capital stock from 200 million common shares to 4 billion common shares both at P1 par value per share. On April 13, 1998, the stockholders amended the increase in the Company’s authorized capital stock from 4 billion common shares to 2.8 billion common shares and 1.2 billion preferred shares both at P1 par value per share. On August 30, 1999, the stockholders further amended the authorized capital stock from 2.8 billion common shares and 1.2 billion preferred shares to 400 million common shares at P1 par value per share this was approved by the SEC on October 2, 2000.
 
On July 26, 2006 and September 19, 2006, the Board of Directors (BOD) approved the increase in authorized capital stock of the Company from P400 million divided into 400 million common shares with a par value of P1 per share to P 20 billion divided into 20 billion common shares.
 
On August 17, 2006, the Board of Directors (BOD) approved the acquisition of the following holding companies which collectively control 84.67% of Philippine Airlines, Inc. ( PAL); PAL Holdings, Inc., Cube Factor Holdings, Inc., Ascot Holdings, Incorporated., Sierra Holdings & Equities, Inc., Network Holdings & Equities, Inc., and Maxell Holdings Corporation.
 
On January 19, 2007 the Securities and Exchange Commission (SEC) approved the increase in authorized capital stock and change in corporate name of Baguio Gold Holdings Corporation to PAL Holdings, Inc.  The Company then filed a listing application on January 25, 2007 pursuant to the debt-to-equity conversion agreement between the Company and Trustmark Holdings Corporation.
 
On August 13,2007, the Company acquired directly from the Six Holding Companies 8,823,640,223 shares in PAL which is equivalent to 81.6% of the issued and outstanding common shares in the Airline. At the same time, it acquired from the Five Holding Companies 50,591,155 shares in PR Holdings, Inc., equivalent to 82.3% of the outstanding shares in PR Holdings, Inc. Both acquisitions were made by way of a dacion en pago, whereby the total acquisition price of PHP 12,550 million for the shares in the Airline and PR Holdings, Inc. was satisfied by an equivalent reduction of the liability owning to the Company from the Six Companies.
 
On August 14, 2007, the Company transferred its shares in each of the Six Holding Companies to Trustmark Holdings Corporation.
 
On October 16, 2007, The Securities and Exchange Commission approved the Amended By- Laws of the Company which consist of the deletion of outdated provisions and the inclusion of the provisions required under the Code of Corporate Governance provided by the SEC.
 
On October 17, 2007, the Securities and Exchange Commission approved the equity restructuring of the Company. This allowed the Company to wipe out the deficit as of March 31, 2007 amounting to P253.73 million using the Additional Paid-In Capital amounting to P4,029.3 billion subject to the condition that the remaining additional paid-in capital will not be used to wipe out losses that may be incurred in the future without prior approval of the SEC.
 
At present, PAL's primary source of revenues comes from its flight operations through Philippine Airlines, Inc.