PAL Holdings, Inc. (PAL) was originally incorporated in 1930 as Baguio Gold Mining Company. In 1996, the Securities and Exchange Commission (SEC) 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 January 19, 2007, the SEC approved another change in corporate name from Baguio Gold Holdings Corporation to PAL Holdings, Inc. PAL and its subsidiaries, through Philippine Airlines, Inc., the Philippine national flag carrier and the major subsidiary of PAL, is primarily engaged in air transport of passengers and cargo within the Philippines and between the Philippines and several international destinations. Source: SEC Form 17-A (2008)