Philippine Airlines is the national flag carrier of the Philippines, based in the Philippine National Bank Financial Center in Pasay. It was founded in 1941 which makes it the oldest air company in Asia. Their first flight was carried out between Manila and Baguio. Their headquarters are situated at Manila Ninoy Acquino Airport. Philippines Airlines flies nineteen destinations within the country and twenty-four destinations to South-East Asia, Eastern Asia, Australia, Canada and the U.S.A. They were one of the largest Asian companies until the 1997 financial crisis severely damaged the company. It was placed under judicial custody for some time, after which period a slow process of recovery began taking place. Philippines Airlines is the only Philippine airline to be accredited with the IATA Operational Safety Audit by the International Air Transport Association and was assigned 3 stars by Skytrax.