during the dictatorship of ferdinand marcos, important companies such as philippine long distance telephone company (pldt), philippine airlines, meralco and the manila hotel were nationalized. other companies were sometimes absorbed into these government-owned corporations, as well as other companies, such as national power corporation (napocor) and the philippine national railways, which in their own right are monopolies (exceptions are meralco and the manila hotel). today, these companies have been reprivatized and some, such as pldt and philippine airlines, have been de-monopolized. others, like government-owned and controlled corporation napocor, are in the process of privatization.