MANILA -- Philippine Airlines said Friday it would let go of 300 employees under a "business restructuring" made more urgent by the coronavirus outbreak that slowed world air travel.

Aside from voluntary separation and retrenchment for 300 staff, the flag carrier said it would optimize route network and invest in digital technology to cut costs and boost revenue generation.

"Philippine Airlines is pursuing business restructuring to increase revenues and reduce costs," the airline said.

"The streamlining will strengthen the company in the wake of losses sustained in 2019, aggravated by the ongoing travel restrictions and flight suspensions to areas affected by COVID-19," PAL said.

Affected employees will receive appropriate benefits, trip privileges, career counseling and outplacement support, PAL said.

• Lucio Tan appointed president of PAL Holdings
• Hyundai shuts down factory after worker tests positive for coronavirus