MANILA, Philippines--In the wake of Monday?s tragic hostage incident where eight Hong Kong residents were killed and several others injured, Philippine Airlines (PAL) on Thursday said that more than 500 tourists from Hong Kong and mainland China have cancelled their bookings with the airline.

?PAL is beginning to feel the initial impact of a Hong Kong government advisory warning its residents to refrain from all travel to the Philippines. As of Wednesday, our Hong Kong station reported at least 558 Manila-bound bookings were cancelled. The bookings consisted of tourists from Hong Kong, Beijing, Xiamen, and other points in China,? said PAL president Jaime J. Bautista in a news release.

In the Philippines, Bautista said two Hong Kong- and Macau-bound Filipino tourists opted to change their destination in view of the current situation.

Despite the negative travel advisory, PAL continues to mount five daily flights to and from the former Crown Colony. ?We?re closely monitoring the situation and will decide soon whether we will maintain or reduce flights. We share the grief and understand the Hong Kong people?s wrath. We are optimistic that fears of travelling to the Philippines will be temporary,? Bautista said.

He said PAL has yet to determine the financial impact of the booking cancellations at this early stage. However, he admitted that the negative travel advisories to the Philippines are not helping the flag carrier which is currently struggling financially and grappling with restive workers.

?We understand that Philippine officials in Hong Kong met with the latter?s legislative and travel councils and assured them that the Philippines is still a safe and viable tourist destination. We are looking forward that it will soon lead to the lifting of the travel restrictions,? he added.

Meanwhile, Bautista said PAL, as the national flag carrier, will continue with its sworn mission to promote the Philippines as a tourist destination. ?More than ever, we need to help our government in showcasing the Philippines? best,? he said.

On the security front, PAL said it will try to help in its small way to improve the capability of Filipino law enforcers. ?Last year, PAL joined hands with the San Francisco Police Department. PAL provided some plane tickets and gave the team of security experts extra baggage allowance to bring in paraphernalia for use in their training program with the Philippine National Police,? Bautista explained.

He added that the team from the San Francisco Police Department will again be in the Philippines in January 2011. ?We hope to expand our partnership with our friends from San Francisco,? he said.