Philippine Airlines (PAL), also known historically as Philippine Air Lines, is a flag carrier of the Philippines. Headquartered at the Philippine National Bank Financial Center in Pasay City, the airline was founded in 1941 and is the first and oldest commercial airline in Asia operating under its original name. Out of its hubs at lt Ninoy Aquino International Airport of Manila and Mactan-Cebu International Airport of Cebu City, Philippine Airlines serves 31 destinations in the Philippines and 36 overseas destinations in lt Southeast Asia, East Asia, Middle East, Oceania, North America and Europe.Formerly one of the largest Asian airlines, PAL was severely affected by the 1997 Asian Financial Crisis. In one of the Philippines' biggest corporate failures, PAL was forced to downsize its international operations by completely cutting flights to Europe and Middle East, cutting virtually all domestic flights except routes operated from Manila, reducing the size of its fleet, and laying off thousands of employees. The airline was placed under receivership in 1998, and gradually restored operations to many destinations. PAL exited receivership in 2007, and following the takeover of San Miguel Corporation in 2012, has been taking steps towards reestablishing itself as one of Asia's premier carriers.