With the San Miguel group purcahsing a large share of the airline there seems to be some large re-structuring going on, hopefully they are able to get the PAL house in order and improve profitability, network and quality.
I think PAL would be a good addition as they can create a more robust Asian presence. They wouldn't be a major OW member like BA or AA but could be a smaller, yet still useful, partner like RJ and S7.
Safety appears to be a major problem in the Phillipines with an EU ban and a Category 2 rating. I don't know how safe PAL is or not but it can restrict interlining and codesharing rendering them less useful. As an airline I think we should assume they are safe and it is just the Phillipine authorities who disregard the importance of safety, unless anyone can find proof stating otherwise.
I have never flown on them so will take people's word on the site about them being alright in terms of quality.