61.   We must ensure that bribery prohibitions cover not only all executive, legislative and judicial officials, but also officials of public enterprises owned or controlled by the government.

62.   For the state-owned banks, public enterprises were the main defaulters, while for private banks their directors were responsible for bad debts, the sources added.

63.   However, some analysts consider the company an overstaffed public enterprise that has not been managed according to market principles.

64.   It is funding programmes on public enterprise privatisation and land reforms.

65.   Analysts said the private sector largely favoured privatisation, but noted that in an opinion poll this year, a majority of respondents opposed selling off important public enterprises.

66.   Banking sources said loss-making public enterprises were largely responsible for the bad loans of state-run banks.

67.   But it added that the bank was closely supported by the central government and was protected from bankruptcy by being a public enterprise important to the national economy.

68.   By privatising non-performing public enterprises, the Philippines had been able to cut down on subsidy costs and open up investment opportunities, de Ocampo said.

69.   The reforms include privatisation of some public enterprises and officials have called for measures to upgrade capital markets for this purpose.

70.   The president also sacked the heads of four public enterprises as well as Health Minister Vladislav Ostapenko, whom he held responsible for poor hospital administration.