I think they do indeed log the sole manipulator time in the under 12,500 lb aircraft as PIC time, not sure about the larger ones requiring type ratings. But you must remember what they are logging for. It's not to apply to a major here that requires you signed for the airplane. It's so they can obtain an ATP someday, and for that it's perfectly valid. I don't mean to sound like a cheerleader of the system, because the whole thing is kind of foolish and except for when you're loading/unloading it's easier to fly without them. However, it is their money and does accomplish their goal of getting to their foreign carrier, without taking the job of anyone here.