From Thailand to Philippines, airlines recover but need China reopening

Airlines across Southeast Asia report the beginnings of a rebound in bookings as a loosening of travel restrictions brings tourists back to the region. At Thai Airways, "we believe this year's peak season from October will see the highest number of passengers in the last two years," said Nond Kalinta, chief commercial officer. Such numbers are welcome news for carriers still waiting for the biggest step toward business as usual -- a recovery in travel to and from China. Thailand began reopening to foreign tourists in mid-2021 and has since removed almost all entry restrictions. Thai Airways' traffic from Europe is already recovering, and average daily passenger numbers roughly sextupled from January to June. Thai Airways has updated its restructuring plans in response to the recovery. It is now seeking 25b baht ($691m) instead of 50b baht in additional funding, after securing more cash through such measures as layoffs. It plans a debt-for-equity swap in 2024 to eliminate its capital deficit of more than 70b baht. Philippine Airlines aims to be operating 80% as many flights as before the pandemic by the end of the year, local media report. It added 1,500 in March, including international flights to Japan, North America and the Middle East, as well as domestic flights between the capital city of Manila and popular vacation spots like Cebu. The carrier reported its first January-June net profit in six years of $71m, buoyed by the Philippines' reopening to international tourists. Story has more details. Asia-Pacific airlines will book a combined net loss of $8.9b for 2022, predicts the IATA. While this would be an improvement from the $15.2b loss of 2021, it remains the heaviest loss by region.<br/>