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Define \\(\\mu _t=E\\tilde X_t\\) and \\(\\gamma _t(h)=E\\tilde X_t\\tilde X_{t+h}\\). If \\(\\mu _t\\) and \\(\\gamma _t(h)\\) are periodic functions of \\(t\\) with the same period \\(\\nu\\), then \\(\\{\\tilde X_t\\}\\) is called periodically stationary. The periodic ARMA process \\(\\{\\tilde X_t\\}\\), briefly PARMA\\({}_{\\nu }(p,q)\\), is defined by  \\[ X_t-\\sum _{j=1}^p \\phi _t(j)X_{t-j}=\\sigma _t \\varepsilon _t-\\sum _{j=1}^q \\theta _t(j)\\sigma _{t-j}\\varepsilon _{t-j}, \\]  where \\(X_t=\\tilde X_t-\\mu _t\\) and \\(\\{\\varepsilon _t\\}\\) are i.i.d. (0,1) variables. Two cases are considered, one with finite fourth moment of \\(\\varepsilon _t\\) and the other with finite variance but infinite fourth moment of \\(\\varepsilon _t\\) (under the assumption that the innovations have regularly varying probability tails RV(\\(\\alpha \\)) with \\(2<\\alpha \\leq 4\\)).   The authors adapt the innovations algorithm for estimating the parameters of the PARMA model. It is proved that the estimates are weakly consistent. If \\(\\varepsilon _t\\) has infinite fourth moment, then the proofs require that the PARMA process is causal and invertible. 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