Government has no business running an airline
Governments usually don't know how to efficiently run airlines. If the Philippine government takes over PAL, before you know it, PAL will be staffed with many politically-appointed officials and employees who know little about running an airline. Keep PAL in private hands, let their managers run it. If they fail, it's entirely their fault. The world is littered with the graves of bankrupt airlines who lost in the highly competitive nature of the airline business. When governments run airlines, they usually don't earn profits because of inefficiency and they support their airlines with tax payers' money to keep the airline flying. That is not the way airlines should be run.
Story from Yahoo News