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Business Ethics and Policies in the Philippines Notes

Influences: Business culture in the Philippines displays influences from various cultures. American, Spanish and Chinese practices have influenced the culture of business negotiations over the years. Business practices from Chinese culture especially have influenced networking and interpersonal relations in business negotiations. Chinese is considered an important language in Filipino business practice.

Religion: Spanish colonization in the Philippines directly influenced the religious culture of the country. Christian concepts from the Ten Commandments are respected. Respect toward the property of others and presenting a trustworthy personality are especially valued in Filipino business culture.

Gender: Women are active participants in the Filipino business world. However, female business partners and managers are not expected to act as aggressive as their male counterparts. Women should conduct themselves professionally and appear competent yet not domineering.

Doing Business investigates the regulations that enhance business activity and those that constrain it. Regulations affecting 3 stages of the life of a local business are measured at the subnational level in the Philippines: starting a business, dealing with construction permits, and registering property. These indicators are used to identify business reforms and the extent to which these have been effective in simplifying the procedures, saving time, and lowering the cost of doing business.


Union Bank. The Bank’s philosophy for corporate governance extends beyond prescribed mandates and obligations. The Bank has a Code of Conduct operating as its steward for ensuring observance of high standards of responsible banking business. The Code empowers and guides all employees and other persons to whom it may be applicable in certain instances. It is divided into three parts, namely, Ethical Standards, Disciplinary Action, and Procedure for Administrative Due Process. The Code provides a policy on the responsibility of employees for reporting actual or possible violation of a law, regulation, the Bank’s Code or any policy. Duty is also imposed upon those who are aware of any condition that creates undue material risk to the Bank to promptly report the same to his or her supervisor. Alternatively, he or she may report the infractions to the next higher in management, Operations Controller, Internal Audit Division and Human Resources Services Group. It also provides a policy for the protection of employees who report infractions or risks. The Unit Compliance Officers and the Internal Audit Division conduct their fact-finding investigations for violation of the Code for cases falling within their respective jurisdictions.

Investigation reports of these bodies, consisting of facts of the case, modifying circumstances, if any, provisions of the Code violated, decisions in previous administrative cases, and any applicable laws and jurisprudence, are submitted to the Discipline Committee. The Discipline Committee, after determination that the investigation reports of the fact-finding bodies are complete, deliberates on the propriety of the offense established by the fact-finding bodies and the recommended disciplinary actions therefore. Should there be a need for further clarification, the Discipline Committee summons the employee concerned for clarificatory conference. The employee concerned may be accompanied by a counsel or any Bank employee or union officer (for rank and file). The Discipline Committee thereafter submits its recommendation on the case to the center head of the employee involved. Also embodied in the Code is the Bank’s policy that no employee will be retaliated against as a result of having made the report. Questions concerning protection for such an employee should be addressed to the appropriate Compliance Officer or the Human Resources Director. Guided by its Code, the Bank has consistently conducted its business in accordance with its pledged values to its other stakeholders, thereby creating goodwill in the industry.

Mercury General Corporation. This Code of Business Conduct and Ethics contains general guidelines for conducting the business of the Company consistent with the highest standards of business ethics. The sections of the Code of Business Conduct and Ethics titled “Introduction,” “Conflicts of Interest,” “Company Records,” “Accuracy of Financial Reports and Other Public Communications” and “Compliance with Laws and Regulations,” as applied to the Company’s principal financial officers, shall be our “code of ethics” within the meaning of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules promulgated thereunder.

This Code and the matters contained herein are neither a contract of employment nor a guarantee of continuing Company policy. We reserve the right to amend, supplement or discontinue this Code and the matters addressed herein, without prior notice, at any time.

The Philippine Seven Corporation. The Philippine Seven Corporation remains committed in providing excellent customer service in all of its business endeavors.

Confidentiality of Information: To uphold the Company’s trust is to protect all Information be it trade secrets or business information that could damage, hinder or cause competitors an advantage against the Company. In such

circumstances that information is legally required, any disclosure shall be acted based on full compliance of the law following standards and procedures set.

Compliance: Personally implement and apply all the standards and guidelines imposed by laws, rules and regulations set.

Decorum of Employees: Take into consideration the feelings and needs of others. Everyone shall have theo pportunity to share views and ideas provided that there are avenues available for such input.

Attitudes with Superiors: Facilitate information that can contribute at arriving on a better decision or to change strategies

Management of Subordinates: Strictly monitor the implementation of the rules and guidelines of the company and apply immediate remedy to settle differences and minimize conflict.

Proper Use of Property: The Directors, officers and employees of the Company are responsible for protecting the properties of the Company from misuse, loss, damage and theft.

Fair Dealing: No employee shall exercise his power and position to side track deals and agreements in favor of any entity that signifies intention to conduct business deals with the company.

Relations with Shareholders and Investors: Conduct the Company’s affairs with a view to the best interests of the Company as a whole and to enhance shareholders value.