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Difference of ethics and business ethics? an agreement; do not interpret
Ethics can be defined broadly as a
set of moral principles or values
that govern the actions and
decisions of an individual or group.
While personal ethics vary from
individual to individual at any point
in time, most people within a
society are able to agree about
what is considered ethical and
unethical behavior. In fact, a society
passes laws that define what its
citizens consider to be the more
extreme forms of unethical
behavior.
Business ethics refers to standards
of moral conduct, behavior and
Judgment business. It involves
making the moral and right
decisions while engaging in such
business activities as manufacturing
and selling a product and providing
a service to customers. Business
ethics is' an area of corporate
responsibility where businesses are
legally bound and socially-obligated
to conduct business in an ethical
manner.
Characteristics associated with ethical
behavior?
Integrity - Be principled, honorable,
upright, and courageous and act on
convictions; do not be twofaced or
unscrupulous, or adopt an end-
justifies-the means philosophy that
ignores principle.
Honesty - Be truthful, sincere,
forthright, straightforward, frank,
and candid; do not cheat, steal, lie,
deceive or act deviously.
Trustworthiness and Promise
Keeping - Be worthy of trust, keep
promises, full commitments, abide
by the spirit as well as the letter of
agreements in an unreasonably
technical o legalistic manner in
order to rationalize noncompliance
or create excuses and justification
for breaking commitments
Loyalty (Fidelity) and
Confidentiality - Be faithful and
loyal to family, friends, employers,
client and country; do not use or
disclose information learned in
confidence; in a professional
context, safeguard the influences
and conflicts of interest.
Fairness and Openness - Be fair and
open-minded, be willing to admit
error and, where appropriate
change positions and beliefs.
demonstrate a commitment to
justice, 'the equal treatment of
individuals, and tolerance for
acceptance of diversity; do not
overreach or take advantage of
another's mistakes or diversities
Caring for Others Be caring, kind,
and compassionate; share, be
giving, be of service to others; help
those in need and avoid harming
others
Respect for Others - Demonstrate
respect for human dignity, privacy.
and the right I self-determination of
all people; be courteous. prompt.
and decent: provide others with the
information they need to make
informed decisions about their own
lives; do not patronize, embarrass,
or demean.
Responsible Citizenship Obey just
laws; if all law unjust, openly
protest it; exercise all democratic
rights and privileged responsibly by
participation (voting and expressing
informed views). social
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consciousness, and public service;
when in a position of leadership or
authority, openly respect and honor
democratic processes of decision
making, avoid unnecessary secrecy
or concealment of information, and
assure that others have all the
information they need to make
intelligent choices and exercise
their rights.
Pursuit of Excellence - Pursue
excellence in all matters; in meeting
your personal and professional
responsibilities, be diligent, reliable,
industrious and committed;
perform all tasks to the best of your
ability, develop and maintain a high
degree of competence, be well
informed and well prepared; do not
be content with mediocrity; do not
"win at any cost"
Accountability - Be accountable,
accept responsibility for decisions,
for the foreseeable consequences
of actions and inactions, and for
setting an example of others
Parents, teachers, employers, many
professionals and public officials
have a special obligation to lead by
example, to safeguard and advance
the integrity and reputation of their
families, companies, professions
and the government itself, an
ethically sensitive individual avoids
even the appearance ofimpropriety,
and takes whatever actions-are
necessary to correct or prevent
inappropriate conduct of other
Necessity for ethical behavior, reason why
there is need for ethical behavior in
practice of profession? -Ethical behavior is
necessary for a socicty to function in an
orderly manner. can be argued that ethies
is the g/ue that holds a society together.
What would happen if for example we
could not depend on the people we deal
with to be honest. I parents, eachers,
employees, siblings, co-workers and friends
all consistently lied, it would be almost
impossible for effective communication to
occur. The need for ethics in society is
sufficiently important that many commonly
held ethical values are incorporated into
laws. For example, laws dealing with driving
while intoxicated and selling drugs concern
responsible citizenship and respect for
other. Similarly, if a company sells a
defective product, it can be held
accountable if harmed parties choose to
sue throughout the legal system. A
considerable portion of the ethical values of
a society cannot be incorporated into laws
because of the judgmental nature of certain
values. Looking at the honesty principle,it is
practical to have laws that deal with
cheating, stealing, lying, or deceiving
others. It is far more difficult to establish
meaningful laws that deal with many
aspects of principles such as integrity,
loyalty and pursuit of excellence. That does
not imply that these principles are less
important for an orderly society.
Why people act unethically?
Person's Ethical Standards differ
from General Society Extreme
examples of people whose behavior
violates almost everyone's ethical
standards are drug dealers, bank
robbers, and larcenists. Most
people who commit such acts feel
no remorse when they are
apprehended, because their ethical
standards differ from those of
society as a whole. There are also
many far less extreme examples
when violate our ethical values
.When people cheat on their tax
returns, treat other people with
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hostility, ie o employment
applications, or perform below their
competence level as employees,
most of us regard that as unethical
behavior. If the other person has
decided that this behavior is ethical
and acceptable, there is a conflict of
ethical values that is unlikely to be
resolved.
Code of good governance for the
profession of the Philippines,
specifically the governing body?
This Code is adopted by the
Professional Regulation
Commission (PRC).and the 42
Professional Regulatory Boards to
cover an environment of g0od
governance in which all Flipino
professionals shall perform their
tasks. While each profession may
adopt and enforce its own code of
good governance and code of
ethics, it is generaly recognized that
there is a general commonality
aong the various codes. This Code
which overs the common principles
underying the codes of various
prolessions could be used by al
professionals who face critical
ethical questions in their work.
General Principle of Professional
Conduct - Professionals are
required not only to have an ethical
commitment, a personal resolve to
act ethically. but also have both
ethical awareness and ethical
competency. Ethical awareness
refers to the ability t discern
between right and wrong., while
ethical competency pertains to the
ability to engage in sound moral
reasoning and consider carefully
the implications of altier ative
actions.
Specific Principle of Professional
Conduct
1. Service to Others
Professionals are committed to a
life of service to others. They
protect life, property, and public
welfare. To serve others, hey shall b
prepared for heroic sacrifice and
genuine selflessness in carrying out
their professional duties even at the
expense of personal gain.
2. Integrity and Objectivity
To maintain and broaden public
confidence, professionals shall
perform their responsibilities with
the highest sense of integrity and
imbued with nationalism and
spiritual values. In the performance
of any professional service, they
shall at all times, main objectivity.
be free of conflicts of interest, and
refrain from engaging in any activity
that would prejudice their abilities
to carry out their duties ethicaly.
They shall avoid making any
representation that would likely
cause a reasonable person to
misunderstand or fo be deceived.
3. Professional Competence –
- In providing professional services, a
certain level of competence is necessary i.e
knowledge, technical skills, attitudes and
experience. Professinals shall, therefore,
undertake only those professionals serices that
they can reasonably deliver with professional
competence.
4. Solldarity and Teamwork
Each profession shal nurture and
support one organization for alli
members. Though a a deep spiritlof
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solidarity, each member should put
the broader interest of the
profession above one's personal
ambition and preference. hrough
teamwork within a cohesive
professional organizalion., each
member shall eflectively observe
ethical practices and pursue
continuing professional
development as well as ocpen
deepen one one's s social social and
civic responsiblily.
5. Social and Civic Responsibility
Professionals shall always camy out
their professional duties with due
consideration of the broader
interest of the public. They shal
therefore, serve their
clients/emnployers and the publics
with professional concem and in a
manner consistent with their
responsibilitie 1l society As
responsible Filipino izens, they shall
actively contribute to the
attainment of the country's national
objectives.
6. Global Competitiveness
Every professional shall remain
open to challenges of a more
dynamic interconnected worid. le
or she shall rise up to global
standards and maintain é levels o
professional practices fully aligned
with global best practices.
7. Equality of All Professions
All professionals shal reat thelir
colleagues with respect and shall
strive to be fair in their dealings
with one another. No one group of
professionais is superior or above
others. Al professionals perform an
equaly important, yel distinct.,
service to society. in the eyes of the
PRC, all professions are equal and,
therefore, every one shall treat one
olher professionals with respect
and faimess.
Difference between ethical awareness
and ethical competence
Ethical Awareness: This refers to a
person's ability to recognize ethical
issues, dilemmas, and
considerations in various situations.
It involves understanding the
difference between right and
wrong, being sensitive to ethical
implications, and being able to
identify when ethical principles are
at stake. Ethical awareness lays the
foundation for ethical decision-
making by prompting individuals to
consider the moral dimensions of
their actions.
Ethical Competence: Ethical
competence goes beyond mere
awareness; it involves the capability
to navigate complex ethical
situations effectively. It
encompasses the skills, knowledge,
and abilities needed to analyze
ethical dilemmas, make sound
ethical judgments, and act ethically
in practice. Ethical competence
requires not only understanding
ethical principles but also being
able to apply them appropriately in
real-world contexts, considering
various factors such as laws,
regulations, cultural norms, and
stakeholder interests.
Common characteristics of
professions
1. Professional appearance- A
professional appearance refers to
the way you look in a work setting,
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including the clothes you wear and
the grooming and hygiene habits
you practice. It can be important to
tailor your appearance to the
culture of the organization where
you work. For example, if you're a
lawyer, then it may be appropriate
for you to wear business attire
when representing your client in a
courtroom. Your physical
appearance can increase your
credibility as a professional and
enable you to meet the standards
of your employer.
2. Reliability - Reliable professionals
are team members who follow
through with their commitments.
Their coworkers can depend on
them to fulfil their job
responsibilities and deliver high-
quality work. Professionals are also
punctual in the workplace, where
they arrive for their shifts on time
and submit their assignments ahead
of deadlines.
3. 3. Ethical behavior - Ethical
behavior refers to professionals'
dedication to doing the right thing.
They have an acute awareness of
their values, which may include
honesty, integrity and sincerity.
Organizations often establish and
enforce policies about ethical
conduct in their employee
handbooks, which professionals
strive to uphold and encourage
others to follow as well.
4. Organisation - An individual who
prioritises organisation knows how
to coordinate their workdays to
handle their job tasks effectively.
Their workspaces are often clean
with each item in its proper place,
making it easier to locate supplies
or access information. When
participating in a project, organised
professionals can create realistic
timelines, delegate tasks to their
teammates and develop budgets
that align with the companies'
interests.
5. Accountability - Accountability is
the willingness to take
responsibility for actions in the
workplace. While professionals
accept the credit when they achieve
a goal or accomplish a task, it's also
essential for them to hold
themselves accountable when they
make mistakes.
6. Strong communication -
Competent communication skills
empower professionals to build
productive relationships in the
workplace. They can convey clear
messages to their coworkers, such
as expectations for upcoming
assignments and recognition for
reaching goals. Communication also
enables them to connect with
clients, stakeholders and
customers, where they can relay
information that's easy to
understand and provide frequent
updates that keep everyone
informed. Here are aspects of
strong communication.
7. Separation of career and personal
life - Professionals create a
boundary between their activities in
the workplace and matters of their
personal lives. Although they may
experience challenges outside of
work, they maintain a focused,
positive demeanour during their
shifts to carry out their duties. They
can limit distractions that can
prevent them and their teams from
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reaching their goals. It can also be
beneficial when professionals find a
healthy work-life balance.
8. Positive attitude - A positive
attitude inspires a professional to
have a strong work ethic. After
receiving instructions for a new
task, professionals believe they
possess the skills to perform
efficiently. They visualise their goals
coming to fruition, and they choose
to exude optimism even when
facing challenges in the workplace.
9. Positive attitude - A positive
attitude inspires a professional to
have a strong work ethic. After
receiving instructions for a new
task, professionals believe they
possess the skills to perform
efficiently. They visualise their goals
coming to fruition, and they choose
to exude optimism even when
facing challenges in the workplace.
10. Time management - Effective time
management can lead to
professionals accomplishing their
business goals. It often
complements their organisation
techniques. They understand how
to coordinate their workdays,
where they prioritise assignments
with upcoming deadlines.
11. Leadership - Leadership is an
admirable quality for all
professionals, regardless of their
rank within the organisational
hierarchy. It demonstrates an
individual's dedication to exceeding
the company's expectations. They
may volunteer to help their
coworkers acquire a new skill and
become a source of optimism and
encouragement during a project.
12. Respect of others - Professionals
are respectful to everyone they
encounter in the workplace. They
exhibit respect with their body
language, which may include firm
handshakes and straight posture,
and the way they speak to their
colleagues.
13. Collaboration - Collaboration is a
willingness to unite with coworkers
for work endeavours. It enhances
other professional characteristics,
such as time management,
emotional intelligence and
communication. During the
brainstorming phase, professionals
can initiate open discussions to
welcome the different perspectives
of their teammates.
Special purpose of Business Ethics?
- There are other purposes which are
corollary to the main purpose. These
purposes include the following:
1. To make businessmen realize that they
cannot employ double standards to the actions
of other people and to their own actions.
2. To show businessmen that common practices
which they have thought to be right because
they see other businessmen doing it, are really
wrong.
3. To serve as a standard or ideal upon which
business conduct should be based.
- Except for some country's organizations,
professionals which, have formulated and
implemented their Code of Ethics, the business
world today does not have one universal
standard code of ethics. Each man has o
evaluate a situation according. to his own
belief. Often, because there is no code of ethics
to guide them, businessmen take actions that
may be wrong. Therefore one of the specific
purposes of business ethics is to assist the
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business world in formulating codes of conduct policies to use energy more efficiently,
I personal, company and professional which can reduce waste and in general lighten
be used as a guide in formulating business plans their environmental footprint can
and strategies and in making business decisions. reduce their internal costs ånd
promote a positive image of their
Main purpose of business ethics?
company. The environmental
- The main purpose of business ethics is
initiatives of a business leader often
to help business and would-be
force competitors to take similar
business to determine what business
action for an increased beneficial
practices are right and what are
effect`on the environment.
wrong. Hopefully, they are going to
- Impact on Business Managers - The
use this knowledge to guide them in
concepts and principles for the ethical
making the right business decisions.
conduct in business are relegated to
Impacts of Business Ethics?
the managers of the business
- Economic Impact - A business has an
enterprise. Thus, although the
economic impact on society through
manager is expected to act in the best
the wages it pays to its employees, the
interest of the business, he cannot be
materials that it buys from their
expected to act in a manner that is
suppliers and the prices it charges its
contrary to the law or to his
customers. It would have a positive
conscience.
social impact on its employees if they
are paid fair living wages and benefits.
It will have a positive effect on its
suppliers that they paid fairly and on
time for their supplies. The effect on
its customers is positive if the business
gives them good value for the price
they pay for the products and services.
- Social Impact - The social impact of
corporate governance contributes to
the ethical climate of society. If
businesses offer bribes to secure work
or other benefits, engage In
accounting fraud or breach regulatory
and legal limitations on their
operations, the ethics of society suffer.
In addition to a deteriorating ethical
environment, such as corruption may
unfairly raise the price of goods for
- consumers or the quality of the
product or service compromised Misrepresentation, direct and indirect?
- Environmental Impact Environmental Misrepresentation may be classified into two
protection is a key area of business types: direct misrepresentation and indirect
influence on society. Businesses that misrepresentation.
implement good environmental
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Direct Misrepresentation is characterized by product) and terms of payment than

actively misrepresenting about the product or the competitor.
customers. This includes: Deceptive Packaging. - Weight understatement or short
weighing. In short weighing, the
- Deceptive packaging takes many
mechanism of the weighing scale is
forms and is of many types. One type
tampered with or something is
is the practice of placing the product in
unobtrusively attached to it so that the
containers of exaggerated sizes and
scale registers more than the actual
misleading shapes to give a false
weight. An example is a foot pedal
impression of its actual contents. An
with a concealed string tied to the
example of this type of deceptive
weighing scale. The modus operandi of
packaging is slack-fill packaging where
sellers is to use two sets of scales one
containers like cartons, tin cans and
which gives the correct weight and has
certain plastics are filled only up to
been sealed by the authorities and
eighty-five to ninety-five percent of
another which looks identical but
their capacity.
registers more weight than the
- Misbranding_ or Mislabeling.
product. Short weighing is practiced in
Misbranding- is the practice of making
selling products where prices depend
false statements on the label of a
on the weight such as sugar, meat,
product or making its container similar
fish, vegetables, fruits, nails, etc.
to a well-known product for the
- Measurement understatement or
purpose of deceiving the customer as
Short measurement. In short
to the quality and/or quantity of a
measurement, the measuring stick or
product being sold.
standard is shorter than the real length
- False or Misleading Advertising.
or smaller in volume than the
Advertising serves a useful purpose if it
standard. This unethical practice is
conveys the right information. It is the
found in selling situations where the
principal means by which people are
price of the product depends on its
informed about the availability, nature
length such as selling cloth or textiles,
and uses of` old and new products.
electric cords or wires or on its volume
However, advertising does not always
such as selling rice by the sack.
tell the "whole truth.
- Quantity understatement or Short
- Adulteration. Adulteration is the
numbering. In this unethical practice,
unethical practice of debasing a pure
the seller gives the customer less than
or genuine commodity by imitating or
the number asked for or paid for.
counterfeiting it, by adding something.
Short numbering is often practiced in
to increase its bulk or volume, or by
selling situations where the product
substituting an inferior product for a
being sold is in such a shape or is
superior one for the purpose of profit
packed in a manner that would make
or gain. It is unethical because an
counting the product difficult or
inferior product is passed off as a
inconvenient. For example, a customer
superior one. This does not meet the
who is not vigilant may receive less
standard for fair service that is
quantity than, what he is entitled to
achieving success by offering better
when buying toilet paper, bond paper,
service in (in the form of a superior
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carbon paper, paper clips, thumb
tacks, matches and toothpicks which
are sold by the box or package.
Indirect Misrepresentation is characterized
by omitting adverse or unfavorable
information about the product or service.
Among the most common practices
involving indirect misrepresentations are
caveat emptor, deliberate withholding of
information and business ignorance.
- Caveat emptor is a practice very
common among salesmen. Translated,
caveat emptor means "Iet the buyer
beware". Under this concept, the seller
is not obligated to reveal any defect in
the product or service he is selling. It is
responsibility of the customer to
determine for himself the defects of
the product.
- Caveat emptor is indirect
misrepresentation and unethical
because a seller is a witness for the
goods he is selling. He testifies to-its
nature, features, uses and qualities. As
a witness, it is his obligation to "tell the
truth and nothing but the truth" about
his product. What makes caveat
emptor unethical is the willingness of
the seller to generate profit by taking
advantage of the buyer's lack of
information. This is passive deception
which is also lying.
- Deliberate Withholding of
Information. Following the argument
that caveat emptor is unethical, the
deliberate withholding of significant
information in a business transaction,
is also unethical. No business
transaction is fair where one of the
parties does not exactly know what he
is giving away or receiving in return.
- Passive deception, Direct
misrepresentation gives business a bad
name while indirect misrepresentation
or passive deception is not as
obvious,it nonetheless contributes to
the impression that businessmen are
liars and are out to make a fast buck.
Business ignorance is passive
deception becàuse the businessman is
unable to provide the customer with
the complete information that the
latter needs to make a fair decision.
Over Persuasion - Persuasion is the process
of appealing to the emotions of a
prospective customer and urging him to buy
an item of merchandise he needs.
Persuasion is legitimate and necessary in
the selling of goods if it is done in the
interest of a buyer such as persuading him
to get a hospitalization insurance policy.
However, persuasion used for the sole
benefit of selling a product without
considering the interest of the buyer is not
ethical. The common instances of over-
persuasion include the
Following examples:
1. Urging a customer to satisfy a low priority
need for merchandise.
2. Playing upon intense emotional agitation to
convince a person to buy.
3. Convincing a person to buy what he does not
need just because he has the capacity or money
to do so.
The rules on the usual exaggeration in
trade under new civil code?
- Under civil law, particularly in the
context of contracts and trade, there
isn't usually a specific provision
regarding exaggeration per se.
However, certain legal principles and
doctrines may come into play
depending on the circumstances.
- Misrepresentation: If one party in a
contract knowingly makes false
statements or exaggerations to induce
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the other party to enter into the
contract, it could be considered
misrepresentation. This could
potentially void the contract or lead to
damages.
- Fraud: If the exaggeration rises to the
level of fraud, where there is an
intentional deception for personal
gain, it could lead to legal
consequences including voiding the
contract, monetary damages, or even
criminal charges.
- Doctrine of Caveat Emptor (Buyer
Beware): This doctrine places the
responsibility on the buyer to perform
due diligence and not rely solely on the
seller's representations. However, this
doesn't mean sellers can freely
exaggerate or deceive; it just means
buyers should exercise caution.
- Unfair Trade Practices: Some
jurisdictions have laws against unfair
trade practices, which could
encompass exaggerated claims or
deceptive marketing tactics.
Plain graft and Interlocking dictatorship?
1. Plain Graft - Some of the Board of
Directors help themselves on the
earnings that otherwise would go other
stockholders. This is done by voting for
themselves and the executive officers
huge per diems, large salaries, big
bonuses that do not commensurate to
the value of their services. They can also
reduce the earnings going t the other
shareholders by authorizing purchases
of goods and services for the company's
use at a price higher than normal, in
consideration of a certain percentage of
the purchase value or commission
accruing to them.
2. Interlocking Directorship - Interlocking
directorship is often practiced by a
person who holds directorial positions in
two or more corporation that do
business with each other. This practice
may involve conflict of interest and can
result to disloyal selling. Disloyal selling
happens when this person is compelled
to decide which of the two corporation's
interest should be protected or upheld.
Thus, whatever decisions the person
makes, he betrays the trust reposed on
him by the shareholders of either of the
two companies.
Procedures in solving ethical dilemas?
1. Obtain the relevant facts.
2. Identify the ethical issues from the facts.
3. Determine who is affected by the outcome of
the dilemma and how each person or group is
affected.
4. Identify the alternatives available to the
person who must resolve the dilemma.
S. Identify the likely consequences of each
alternative.
6.Decide the appropriate action.
Risk Management? Risk management is the
process of measuring or assessing risk and
developing strategies to manage it. Risk
management is a systematic approach in
identifying, analyzing and controlling areas
or events with a potential for causing
unwanted change. Risk management is the
act or practice of controlling risk. It includes
risk planning, assessing risk areas,
developing risk handling options, monitoring
risks to determine how risks have changed
and documenting overall risk management
program.
Difference between objectives based,
scenario based, and taxonomy?
Objective-based approach:
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This approach focuses on defining clear
objectives or goals that need to be achieved. It
emphasizes measurable outcomes and specific
targets. It is commonly used in education,
training, project management, and performance
evaluation. Example: In education, an objective-
based approach might involve setting specific
learning objectives for a course or lesson, such as
mastering certain skills or understanding key
concepts.
Scenario-based approach:
This approach involves presenting learners with
realistic situations or scenarios to engage them
in problem-solving and decision-making. It
emphasizes application of knowledge and skills
in practical contexts. It is commonly used in
training, simulations, and assessments. Example:
In medical education, students might be
presented with clinical scenarios where they
have to diagnose a patient's condition and
determine appropriate treatment options.
in order not to take on the legal liability that
comes with it. Avoiding risks. however, also
means losing out on the potential gain that
accepting (retaining) the risk may have
allowed. Not entering a business to avoid the
risk of loss also avoids the possibility of
earning profits.
Risk Reduction - Risk reduction or
optimization involves reducing the severity
of the loss or Optimizing risks means finding
a balance between the negative ‘risk and the
benefit of the operation or activity; and
between risk reduction and effort applied.
Outsourcing could be an example of risk
reduction if the outsourcer can demonstrate
higher capability of managing or reducing
risks.
Risk Sharing - Risk sharing means sharing
with another party the burden of loss or the
benefit of gain, from a risk, and the
measures to reduce a risk.

Taxonomy-based approach: Risk Retention - Risk retention involves

accepting the loss Or beneft of gain from a
This approach involves organizing and classifying
risk when it occurs. Self insurance falls in this
information or concepts into hierarchical
category. All risks that are not avoided are
structures or taxonomies based on their
transferred or retained by default. Also, any
characteristics or relationships. It emphasizes
amounts of potential loss over the amount
categorization and systematic organization. It is
insured is retained risk. This is acceptable if
commonly used in various fields such as biology,
the chance of a very large loss is small or if
information science, and education. Example:
the cost to insure for greater coverage
Bloom's taxonomy classifies educational
involves a substantial amount that could
objectives into hierarchical levels, ranging from
hinder the goals of the organization.
simple recall of information (knowledge) to
higher-order thinking skills such as analysis,
evaluation, and creation.

Risk Treatment?

Risk Avoidance - This includes performing an

activity that could carry risk. An example
would be not buying a property or business