Name: Rojemar BagainC.

Date: 07/13/2021

Year & Course: 2nd year – BS in Accountancy

AMGB 310 – Governance, Business Eth

1. Define business ethics and explain what it means to act ethically in business.

Answer:

As the Philippines has been labeled as one of the countries included in South Globe we are so eager to
look for a lot of investors whether it is inside or outside of the country to improve our economy. Thus,
we tend to outsource in order for us to see possible investors that will boost and increase the
employment rate in our nation. This government project is such a great opportunity to the citizens,
however, also a treat to the increase of maltreatment of some employees and dramatically increasing
issues about abusive employers. Gladly we have such regulations and laws that's protects the rights of
the employees and have certain government agencies that can help those employees who are
experiencing abuse from their bosses. One of these laws and regulations is the labor law that provide
protection to the employees especially those whose wage are below or minimum rate. This law and
regulations helps a lot to workers in order to receive things that are due to them, to begin with. As an
addition, Philippine Government has set or established a standard policies on how business owners will
run their companies ethically whether it is private or public sectors, according to our prior class it is
mentioned that public sector has more stricter policy than the private sectors, as public government has
much more to offer to the people than the private sectors. Now, in order for us to understand how
companies run their businesses with a good reputation let us first define business ethics. Business
ethics, to put it in my own point of view and based on my prior studies about the topic I could say that it
is the study of an acceptable business regulations, policies and practices with regards to potential
controversial subjects like corporate governance, insider trading, bribery, discrimination, corporate
social responsibility, and fiduciary responsibility.

In a business world sure enough that the main goal and objectives of the owner is to gain and avoid any
problems that a company might encounter in the future that will result to loss of gains and eventually
may give an undesirable outcomes. But the question here is not about the mountain of dimes a
company could gain in a year and in the future rather on how the business will achieve this peak of
success by operating and running the business ethically. Let us now answer the question "what it means
ethically in business" in my own acumen it is vital to a business to established a appropriate and
acceptable policies or regulations that will unite all the employees on the business to work on harmony.
It means a lot to a company for the reason that if the company has a good ethical and good reputation it
will give a good reviews to the client and people that will leads to more attraction that is good for a
business because the reviews of the client will also be the main advertisement of your company to be
known. Moreover, it can help the employees to maintain and practice their honesty and be a good
followers. As well as it could help the employees be guided to what the businesses is imposing, so it will
be as clear as crystal to them the things that they must and must not do in result possible problems and
conflict may be prevented. It also means a lot to a business to act ethically because it will attracts
possible investors to invest in your company, of course an investor will invest to a company that has no
issues of acting unethically whether to person, job, society, or to the company itself, investors will
probably choose to invest to a company that has clean names and reputation.

To sum it up, to act ethically in business is vital to the growth and success of the business for the reason
that it will be the very way for an investors to invest, an employees to stay especially those employees
that are promising and a huge help to the production of a company, and leaves a good legacy to the
community that will attracts more of clients or customers, most especially acting in a business in an
ethical manner has the high probability that a company will run or operate longer and highly probable to
reach the company's objectives and the successes they want.

Example:

WinCo food let their employees to have a share to the company and never hinder them on sharing their
way or thoughts on how to grow the business, they also guided by a strict and morally policies that will
always remind the employees to act ethically. In result they are now one of the biggest company and
most reputable business in the business world.

2. Identify steps you can take to maintain your honesty and integrity in a business environment.

Answer:

To start with, I would like to share some of my thoughts about how honesty and integrity is not the
norms of today's generation. The society has open the eyes of this era that honesty and integrity is not
the new trend now but a mere hypocrisy. Most of the generation today or the millennials does not give
importance about honesty and integrity because they are fed by this society that being honest and
having an integrity is likely similar to being "fake" and being untrue to yourself, yes, that is how people
of this society sees a person practicing to be a righteous individual and better for himself or herself. If
honesty and integrity way back from the past is a good foundation of being a moral person today it is
just a mere facade to an unrevealed "true colors". If you speak for right? You're a terrorist or an activist,
if you stood up for your beliefs and live with your principles you are a clown or a big joke for people, that
is how this generation is fed up by this harsh society and world. The business world has become more
and more opportunist of this generation various false advertisement are being shown to television,
various false information has been posted in different social media platforms and many more for this
generation do not Vue honesty and integrity.
Honesty and integrity is sure hard to maintain especially in the business world as I believe that the most
weakness of people is "money" which is obviously cannot be detach when you are running a business, of
course, business owners will do everything just to gain profits whatever it takes, even if it means of
losing your honesty and integrity and leaving stains on you being a person. I think one of the step in
order to maintain honesty and integrity of you are a leader you should also be a follower of your
company's rules and regulations, be a model to your employees and to everyone inside or outside of the
organization. In addition always remind yourself and everyone that money is not the most important
thing in this world but a mere temporary happiness for a person and one of a thousands of needs for
person to survive. Moreover, always be responsible and accountable to your acts, always balance the
consequences that an action can cause you for doing so. Furthermore, always be mindful about the right
and wrong, we are political animals, we have the ability to reason logical and rationally, meaning to say
you can assess whether you are doing the right thing or covering what is right. Finally, always remember
what your parents have taught you since you were a child, always value the very first thing that an
elders have taught and that is being a good person.

In conclusion, being honest and having an integrity is really hard for a person who is running or
operating a business because temptation is around him or her especially the money. However, it is not
bad to practice what is right in the eye of the law and right universally. We should always remember
that even if we fail a million times of trying to be the best version of us it is okay at least we try than
doing nothing. So I can say that practicing the right things will fall in to being the person of what God
wants you or us to be and what the law is pertaining to be a good citizen, not just in business world but
in all aspects.

Example:

In this situation of pandemic, Marieroj store think that they need to increase the price of their products
to gain more profit than their usual humanitarian price because life today is very hard, however,
Marieroj always think that money is not the most valuable things she could obtain in this world, so she
continues to sell their products in an humane price and are affordable to people.

3. How government regulation affects financial services sector?

Answer:

Government regulations affects the financial services sector for many ways, I would like to state first the
positive effects of the government regulations regarding to financial services. First is that it protects the
consumers from financial institution that is putting such an inhumane interest to their borrowers,
secondly, it lessen the risk or limiting the risk of financial institution could probably encounter an
example of that is the probability that their investors would take away their money without paying it
back, lastly, the government regulations intervene to the interest that a bank levied to the borrowers so
that the government regulations will be rest assured that public are benefiting to the financial institution
without any danger. Government regulations could also affect the financial institution negatively like
when it is very strict and hard to financial institution it could cost the financial services a lot of money
and can hinder innovation that financial service provider could do, however, if government will not be
strict to them there is a higher tendency that it could cause troubles like corruption, abuse, and an
inhumane management especially to the borrowers.

In conclusion, government regulations from private sectors or even public especially financial service
providers could have a negative and positive effects, so I could recommend that the government should
really work on about this matter and always be rational in implementing regulations that will not
oppressed the financial institutions as well as that financial institutions would not take advantage to
their customers or borrowers.

Example:

CARD, the government institutions must really intervenes to this financial services so it could not take
advantage to people who are borrowing from them, especially most of their borrowers are really the
people who needs protection from the opportunist people.