SUBIC BAY FREEPORT—Subic Bay Metropolitan Authority (SBMA) Chairman Roberto Garcia has expressed his commitment to practice ethical business and good corporate governance by signing the integrity pledge, a formal vow to prohibit bribery, maintain a code of conduct, and implement systems and controls.

The signing of the pledge is expected to set the tone from the top and commit the SBMA and all its officers and employees to also behave with integrity and to carry on their responsibilities ethically, Garcia said in a statement on Thursday.

“This is in consonance with the agency’s corporate governance initiative and in line with the national government’s platform of good corporate governance,” Garcia said. “We’d like to stress here that transparency and accountability make perfect business sense.”

Garcia signed the pledge last week with Makati Business Club Executive Director Peter Perfecto, whose group has partnered with the European Chamber of Commerce in the Philippines (ECCP) in promoting the Integrity Initiative, a private sector-led campaign aiming to strengthen ethical standards in society.

The Integrity Initiative aspires for a level-playing field for business, where ethical and compliant companies enjoy competitive advantage in both government and private sector transactions. Signatories to the pact are billed as ethically conscious business leaders and executives who aspire to create positive change in the country.

Garcia said after signing the integrity pledge, he would require SBMA departments to come up with appropriate internal systems and controls to prevent, detect and respond to any unethical conduct by employees; ensure good governance; and institutionalize the values of integrity and accountability in their business transactions.

The Integrity Initiative compliance framework presents four control measures derived from how management runs an enterprise: integrity governance and policy structure; risk assessment; documentation, communication and reporting; and implementation and monitoring.

Garcia said joining the Integrity Initiatives program is the latest in a series of moves by SBMA officials to instill a culture of transparency and accountability in the Subic Bay Freeport, now a growing hub for business and industry.

“This is a very important step,” the SBMA executive said. “Aside from seeking to strengthen the agency’s corporate governance initiatives, this is expected to create a more conducive investment climate in the Subic Freeport, which is what we’re after in the first place.”

“We also hope that this would set the ball rolling and inspire companies and agencies in Subic to do the same. We aim to prove that transparency, honesty and fairness can produce good results,” Garcia added.

In Photo: Makati Business Club Executive Director Peter Perfecto (second from left) congratulates Subic Bay Metropolitan Authority Chairman Roberto Garcia who signed the integrity pledge as a sign of commitment to ethical business practices and good corporate governance. Also in photo are SBMA directors Joseph Khonghun (left) and Joven Reyes. (SBMA Photo) 

Source: Business Mirror; News; 04 July 2013