Philippine Airlines (PAL) experienced a crisis in 1998. Unable to make payments on a $2.1 billion debt, it was faced by a pilot's strike in June and the region's currency problems which reduced passenger numbers and inflated costs. On September 23 PAL shut down after the ground crew union turned down a settlement which it accepted two weeks later. PAL resumed domestic flights on October 7 and international flights on October 26. Resolution of the basic financial problems was elusive, however, and as of December 18 PAL was still $2.2 billion in debt and losing close to $1 million a day.