MANILA - Billionaire Lucio Tan will serve as interim president of Philippine Airlines, the flag carrier said on Wednesday.

PAL executive vice president Vivienne Tan, who is the taipan's daughter, confirmed this to ABS-CBN saying the billionaire decided to assume the company's top post pending the PAL board's approval of candidates for president of the flag carrier.

"Our goal is to ensure an orderly and seamless transition of leadership to ensure that our mandate to serve the traveling public is achieved. Thus, it is in the best interest of PAL and its stakeholders for my father and I to work together pending the turnover of day to day operations to the next PAL President and COO," she explained.

PAL's board approved Vivienne Tan's appointment as officer-in-charge of the airline following the retirement of then PAL president Jaime Bautista.

Ms. Tan also served as the company's treasurer and chief administrative officer.