Allied bank in partnership with PAL sounds very fishy - see at the end.
I must admit though that I am surprised that PAL are offering this in conjunction with Allied bank.
You perhaps are right then that there is a mass exodus of PAL pilots. I read on the South-East asian forum that the PAL aviation batches are increasing so putting this and your loan together, its seems there may just be a genuine need for pilots in that area.
There you go wanabee pilots in europe! Marry yourself a nice filipina/ filipno, get dual citizenship and fly for Philippine Airlines!
EMariano, everything here sounds above board-up to a point. And there apparently seems to be a need for pilots in your region so I guess I can't really say hold of until the recession ends.
However remember, there is never a guarantee of a job. make sure you have a back up plan and make sure these payments can be made even if you are not working yet.
And just to warn you, just because it is Allied bank and PAL, it does NOT mean you will get 'preference' if you apply to PAL.
Call me a cynic but if the boss of PAL also owns Allied bank, something tells me that this is an ingenious way of making money from loans (20%) by using PAL as a very attractive brand name in order to attract customers.