This tale is portion of Forbes’ coverage of Philippines’ Richest 2022. See the full checklist below.

Billionaire Lucio Tan is again in the driver’s seat. His wealth jumped to $2 billion since we past calculated fortunes as international vacation revved up, bolstering the restoration of his airline company PAL Holdings.

Accelerating passenger and cargo revenue tripled PAL’s initial-half revenue to 58.1 billion pesos ($1.1 billion) from a 12 months back, with a net earnings of 4.2 billion pesos. The operator of the flag carrier Philippines Airlines returned to the black in 2021, mostly fueled by pandemic demand from customers for its cargo services to supply essential merchandise. It’s now beefing up the enterprise, which consists of the start of a new cargo website and app.

PAL emerged from bankruptcy proceedings in January, four months soon after filing for Chapter 11 in New York. In the course of the restructuring, it returned planes, canceled unprofitable routes, slashed personal debt by $2 billion and elevated capital. Tan, chairman and CEO, himself infused $505 million in a debt-to-equity swap deal. “We seem ahead to a comeback calendar year for Philippine Airlines and for our nation,” explained Tan throughout the company’s 81st anniversary celebrations in March. World air site visitors and potential are projected to arrive at about a few-quarters of pre-pandemic ranges this 12 months, in accordance to the Intercontinental Air Transportation Affiliation.

Earlier this yr, Tan appointed son-in-regulation Stanley Ng, a former PAL pilot, as president and chief operating officer. Separately, he named grandson Lucio Tan III (a director on PAL’s board) as vice chairman at his LT Group. The shown organization, which has interests in banking, tobacco and house, posted 91.2 billion pesos in product sales final year.