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Philippines businesses join forces to reduce corruption04 Nov 2010Source: Business Inquirer According to the latest Transparency International global corruption index, the Philippines continues to be in the “highly corrupt’’ category, ranking 134th out of the 178 countries included in the index. In Asia Pacific, the Philippines occupies the 26th spot out of a total 33 economies. The Aquino government has promised to drastically reduce, if not eradicate, corruption in the country and now the European Chamber of Commerce of the Philippines and the Makati Business Club have joined together to launch the Integrity Initiative, a four-year initiative aimed to ensure integrity and good corporate governance among local businesses. The Procurement and Sourcing Institute of Asia (Pasia) has also initiated a program along the same lines as the Integrity Initiative, but is focused specifically on companies’ procurement activities. The group is pushing for the certification of companies in the area of ethical procurement, similar to the recognition that the Institute of Corporate Directors bestows on companies that score high on its annual Corporate Governance Scorecard. The ICD ranks publicly listed companies’ performance via a set of corporate governance criteria. Pasia chair Charlie Villasenor relates that his group plans to “knock on the door of every local company,’’ to educate them about the importance of ethical procurement standards and the benefits of sticking to aboveboard transactions. Read more here |
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