Group 1:

Evangelista, Edelle Louiefe D.

Evangelista, Julie Ann M.
Evangelista, Krizmar M.
Labis, Georgina Gladdys B.
Tamsi, Pericles Z.

REFLECTION PAPER

As the beginning of our new subject unfolds, it has come to our attention how important
corporate social responsibility (CSR) is. This is a relatively new management concept to all of
us, whereby companies integrate social and environmental concerns in their business operations
and interactions with their stakeholders. The introduction of CSR concept allows us to explore
different kinds of ethical issues we usually take for granted in our daily lives. There are corporate
scandals in the past that we do not truly understand nor put much attention to. The examples
presented at the beginning of our first session was an eye-opener to all of us after being
associated to several instances that we encounter in our profession. For instance during
conventions, we are always being offered by pharmaceutical companies of free dinner or city
tour. We did not realize that this was already connected to the concept of corporate social
responsibility (CSR).

Among the numerous corporate scandals discussed, the mention of College Assurance
Plan (CAP) has piqued our interest on this corporate’s heavy downfall during our college years
and led some of us to dig into the reason for the companies’ collapse. Another corporate scandal
highlighted was the Enron case. This made us reflect and think that even the biggest companies
can be struck by such bankruptcy which in turn opened a venue for promulgation of laws to
protect future companies. It was interesting to note that accounting scandals also exist and might
be as rampant as what it seems.

With the introduction of this management concept together with presentation of some
corporate scandals and unethical practices prevalent in our industry, we find that CSR is
important for several reasons. First, it helps companies to build trust and credibility with their
stakeholders. In our profession, the stakeholders refer to our patients. By demonstrating a
commitment to social and environmental issues, hospitals can enhance their reputation and create
a positive image in the eyes of the patients, investors, and the wider community. This can lead to
increased revenues, improved hospital recognition, and a more engaged and motivated health
care workforce. Stakeholders also include hospital employees. With just compensation and
healthy working environment, the staff can function well in giving utmost service to the patients
and establish harmonic relationship with the administration.

Second, CSR is an important tool for managing risk. By identifying and addressing social
and environmental issues, hospitals can reduce their exposure to reputational, legal, and financial
risks. CSR also helps companies manage risks. By being responsible and following rules,
companies can avoid getting into trouble with the law and protect their reputation. For example,
hospitals that implement effective environmental management practices, such as waste
segregation and the policy of “no plastic allowed within the hospital grounds”, can reduce their
exposure to fines and penalties for non-compliance with environmental regulations.

Third, CSR can help to drive innovation and improve business performance. By focusing
on sustainability, companies can identify new business opportunities, reduce costs, and enhance
their competitiveness in the marketplace. For example, companies that adopt sustainable
production practices can reduce their energy and resource use, which can lead to cost savings and
increased efficiency. This is seen in companies who use renewable energy sources such as solar
energy, wind energy, hydropower, and the likes.

CSR involves a responsibility to act in the best interests of society and to balance the
needs of stakeholders, including customers, employees, shareholders, suppliers, and the
community. We look forward to learn more from this subject. Investigating corporate and
healthcare scandals in the Philippines will be beneficial to us and ignite our interest in practicing
corporate social responsibility (CSR) in the future. Hopefully, we can propose a CSR program
for our hospital at the end of this course.
 Corporate social responsibility is really important for businesses. It means that companies
care about people and the environment. CSR helps companies build good relationships with
customers, employees, and the community. This makes people trust and support the company,
which is good for business. Responsible investment was also a part of the session which is timely
and relevant for young professionals like us in managing our finances. It will guide us in
engaging to stock markets and other investments. It will also teach us how to navigate corporate
social responsibility and apply it in our practice to avoid bankruptcy and economic failure.

Another important thing about CSR is that it helps companies come up with new ideas
and save money. Innovation is inevitable and technology is fast-paced, thus being open to change
and keeping up with the growth of the company will also benefit the employees. For example,
using less energy and resources can make a company more efficient and help them save money.

In conclusion, CSR is a big deal for companies. It helps them build trust, avoid problems,
and come up with smart ideas. By caring about people and the environment, companies can
make a positive impact and be successful.