Prelims

• Ethics is a set of moral principles and values that we use to answer questions of right and wrong.
• Ethical relativism is where we think of ethics in pragmatic terms.
• Business Ethics or Corporate Ethics is a form of applied ethics or professional ethics that examines ethical principles and moral or ethical problems that arise in a business environment.
• Social Responsibility means distinguishing right from wrong and doing right from wrong
• Corporate Social Responsibility (CSR) is management's obligation to make choices and take actions that will contribute to the welfare and interests of society as well as the organization.
• Corporate Governance - system by which businessses are directed and controlled.
• Good corporate governance - key factor in underpinning the integrity and efficiency of a company.
• Decorum – An individual who exhibits politeness and decorum is often rewarded with success in his/her chosen field
• Transparency – openness, a willingness by the company to provide clear information to shareholders and other stakeholders.
• Responsibility – owner is responsible for overseeing the management of the business and affairs of the company.
• 1. Accountability – refers to the obligation and responsibility to give an explanation or reason for the company’s actions and conduct.
• Fairness – refers to equal treatment. (treatment of all stakeholders, employees, communities and public officials).
• Padrino System or Patronage is the value system where one gains favor, promotion, or political appointment through family affiliation or friendship, as opposed to one’s merit.
• ·         “Suki” is a Filipino term which means “loyal customer.” This so-called “market-exchange partnership” can be developed into an agreement where one can be a regular customer and supplier.
• ·        Loosely translated as “come what may”, referred to as the Filipino version of fatalism, that is leaving everything in the hands of fate.
• ·         Come from the Spanish word “Manana” which literally means “tomorrow” or “an unspecified period of time.” Hence this refers to procrastination or putting off for tomorrow what can be done today.
• Amor Propio Literally means “love of self,” or self-love. Refers to a person’s feeling of self-respect and personal worth, or the quality of being worthy of esteem or respect, sometimes an inflated feeling of pride as superior to others or feeling of excessive pride.