• Short Summary

    Airline fares will go up next January because of rising fuel costs. That was the?

  • Description

    SV President Ferdinand Marcos of Philippines speaking in English.

    GV Delegates sitting in conference hall

    SV IATA and Philippine Airline (PAL) President Roman Cruz Jr. speaking in English.

    TRANSCRIPT: SEQ. 1: MARCOS: "Like all other major industries, you are confronting a future clouded with prospects os recession, inflation, a continuing fuel crisis, turbulent financial markets and political uncertainty. Moreover, your own specific industry must contend with a challenge somewhat unique to you. The fact that the regulatory environment, under which you operate, is now being pulled in different directions by different philosophies, and national policies. In one school of though are the advocates of clear regulations. Pulling in the opposite direction are those who advocate protectionism. In the midst of all of this I understand that the general membership of IATA stand for the continuation over a much more liberalized form, with the framework of multilateral cooperation under which your industry has operated for many decades."

    SEQ. 3: CRUZ: "The traffic conferences, in my view should not or no longer be the vehicles of protectionism, that rightly or wrongly they are perceived to be, by the outside world. They should be conducted on the basis of the inescapable principle that in the last analysis we serve only on master - the market. It has been many years now since the airlines shut-off their old traditional roles, as so-called public utilities, and have become competitive providers of products in the market place. We are all market enterprisers, carrying the primary obligation of providing the best possible range of services to our customers at the least possible coast. If we say that the regulation will not enable us to do this, then we must, in our traffic conferences, determine what will. It is our responsiveness to the needs and desires of the market, that will determine the continuous survival and growth, not only of our individual companies, but also of our association."


    Script is copyright Reuters Limited. All rights reserved

    Background: Airline fares will go up next January because of rising fuel costs. That was the forecast made in Manila in the Philippines at the opening of the International al Air Transport Association's (IATA) thirty-fifth annual meeting. However fare increases are only recommendations and airlines are not bound to follow them, under the new IATA structure. Attempts to bring open competition to the airline market were criticised by several speakers who urged multilateral cooperation in the face of rising oil prices and supply problems. The President of the host country Ferdinand Marcos welcomed the delegates.

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    Reuters - Including Visnews
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