Not as simple as the Panasonic, but I have found how to set for PCM on the LG. In the user guide, go to 'Tour List of Settings', then
Quick Settings > Sound > Sound Out > Audio Out(Optical/HDMI/ARC) > Digital Sound Out and select PCM.
stanwal, you should be able to set your LG to PCM using the above procedure.
kijanki, I think the problem is that due to the difficulty in finding how to set a TV for PCM output, many just give up, and assume it can't be done. Again, I'll say that it may be possible that a TV could not be set to PCM, however this is not typical.
Quick Settings > Sound > Sound Out > Audio Out(Optical/HDMI/ARC) > Digital Sound Out and select PCM.
stanwal, you should be able to set your LG to PCM using the above procedure.
kijanki, I think the problem is that due to the difficulty in finding how to set a TV for PCM output, many just give up, and assume it can't be done. Again, I'll say that it may be possible that a TV could not be set to PCM, however this is not typical.

