37 Questions
Which term refers to the firm and uncompromising adherence to moral and ethical principles?
Integrity
Which characteristic involves the absence of lying, cheating, and theft?
Honesty
Which value is associated with being worthy of trust, keeping promises, and full commitment?
Loyalty and Confidentiality
Which characteristic involves being kind, compassionate, and of service to others?
Caring for Others
Which value demonstrates a commitment to justice, equal treatment of individuals, and tolerance for acceptance of diversity?
Fairness and Openness
Which characteristic involves demonstrating respect for human dignity and privacy?
Respect for Others
Which term refers to being faithful and loyal, as well as refraining from using or disclosing confidential information learned?
Loyalty and Confidentiality
What is the purpose of a code of conduct in an organization?
To guide directors and senior executives in maintaining confidence in the organization’s integrity
Why is managing, protecting, and enhancing reputation considered a challenge for today’s board?
Reputation is a critical factor in determining the value of a business
What does the code of conduct promote?
Responsibility and accountability of individuals for reporting unethical practices
Why are high standards of ethics in business transactions important?
To uphold integrity in conducting business
What is the belief articulated in the commitment to upholding high standards of ethics?
Securing profit at the expense of integrity is unacceptable
What is the critical factor in the determination of a business's value?
Reputation
What is the role of corporate values and the code of conduct?
Address legal and other obligations owed to important stakeholders
What is the minimum guidance provided by the code of conduct?
Practices necessary to maintain confidence in the organization’s integrity
What does the code of conduct ensure?
Compliance with legal and other obligations to legitimate stakeholders
What are the key sectors affected by corruption in the Philippines?
Judicial system, police, public services, land administration
What is the annual global loss due to corruption?
P2.6T
What legislation aims to curb corruption in the Philippines?
Anti-Graft and Corrupt Practices Act, Anti-Red Tape Act, Anti-Money Laundering Act
What is the aim of the Integrity Initiative Campaign in the Philippines?
To institutionalize integrity standards among various sectors of society
What is the purpose of the 'Unified Code of Conduct for Business' prepared as part of the Integrity Initiative Campaign?
To harmonize ethical standards among businesses and promote fair market conditions
How is the ethical dilemma defined?
A situation where a decision must be made about appropriate behavior
What is the importance of advocacy against corruption?
To address the ill-effects of corruption and promote fair and ethical business practices
What is the purpose of business ethics?
To help determine right and wrong business practices
What is an example of direct misrepresentation in business?
Deceptive packaging
What is the primary reason for people to act unethically according to the text?
Their ethical standards differ from society's
What is the specific principle of professional conduct related to teamwork and collaboration?
Solidarity and teamwork
What is the purpose of the Code of Good Governance for the Profession in the Philippines?
To ensure good governance in professional tasks
What is the main focus of responsible citizenship according to the text?
Obeying just laws and openly protesting unjust ones
What is the primary reason for the need for ethical behavior according to the text?
For a society to function in an orderly manner
What is the primary focus of responsible citizenship?
Obeying just laws and openly protesting unjust ones
What do ethical principles encompass?
Personal, professional, and business ethics, including justice, fairness, integrity, and social responsibility
What is the purpose of business ethics?
Guiding business practices and preventing the use of double standards
What are common unethical practices of business establishments?
Misrepresentation, over-persuasion, and various unethical practices of corporate management
What does accountability entail?
Accepting responsibility for decisions and their foreseeable consequences
What do recognized professions share?
A responsibility to serve the public and a complex body of knowledge
What does pursuit of excellence require?
Individuals to perform all tasks to the best of their ability and maintain a high degree of competence
Study Notes
Corruption and Business Ethics in the Philippines
- Corruption involves abuse of private and public office for personal gain, including bribery, embezzlement, and nepotism.
- Corruption can lead to inefficiency, waste of public resources, and a breakdown in social order, affecting ordinary people's access to essential services.
- Recipients and payers, extortion, and ethical dilemmas are key characteristics of corruption.
- The Philippines loses P200B from smuggling and P400B from tax evasion annually, and globally, about P2.6T is lost annually due to corruption.
- The judicial system, police, public services, land administration, tax and customs administration, public procurement, and natural resources are sectors affected by corruption in the Philippines.
- Prevention measures for corruption in the workplace include clear business processes, policies on gifts and entertainment, declaration of conflict of interest, and a convenient corruption reporting system.
- Legislation such as the Anti-Graft and Corrupt Practices Act, Anti-Red Tape Act, and Anti-Money Laundering Act, among others, aim to curb corruption in the Philippines.
- The Integrity Initiative Campaign, launched in 2010, aims to institutionalize integrity standards among various sectors of society in the Philippines.
- The Makati Business Club and the European Chamber of Commerce of the Philippines serve as the secretariat for the Integrity Initiative Campaign.
- The "Unified Code of Conduct for Business" was prepared as part of the Integrity Initiative Campaign to harmonize ethical standards among businesses in the Philippines and promote fair market conditions.
- The ethical dilemma is defined as a situation where a decision must be made about appropriate behavior, and a six-step approach is outlined for resolving ethical dilemmas.
- Advocacy against corruption is important to address the ill-effects of corruption and to promote fair and ethical business practices.
Responsible Citizenship, Pursuit of Excellence, and Accountability
- Responsible citizenship involves obeying just laws and openly protesting unjust ones
- Pursuit of excellence requires individuals to perform all tasks to the best of their ability and maintain a high degree of competence
- Accountability entails accepting responsibility for decisions and their foreseeable consequences
- The need for ethical behavior is crucial for maintaining societal order and cohesion
- Unethical behavior often stems from differences in ethical standards or selfish choices
- Ethical principles encompass personal, professional, and business ethics, including justice, fairness, integrity, and social responsibility
- Recognized professions share common characteristics like a responsibility to serve the public and a complex body of knowledge
- The Code of Good Governance for the Profession in the Philippines outlines principles for professional conduct
- Business ethics refer to standards of moral conduct, behavior, and judgment in business, based on personal values and standards
- The purposes of business ethics include guiding business practices and preventing the use of double standards
- Common unethical practices of business establishments include misrepresentation, over-persuasion, and various unethical practices of corporate management
- Unethical practices of corporate management include plain graft, interlocking directorship, insider trading, and negligence of duty
Test your knowledge of corruption and business ethics in the Philippines with this informative quiz. Explore the impact of corruption on society, key characteristics, prevention measures, legislation, and initiatives aimed at promoting integrity in business. Evaluate your understanding of ethical dilemmas and advocacy against corruption in the Philippines.
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