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Ethics and morality good for business — Pangilinan


CHICAGO, Illinois – Philippine Long Distance Company (PLDT) Chairman Manny V. Pangilinan on Friday enjoined Filipino businessmen to observe ethics and morality in running their businesses to attract more foreign investors to the Philippines. Speaking at the on-going 8th bi-annual All Ateneo Convention at Hyatt Regency Chicago hotel in Chicago, Illinois, Pangilinan also invited Filipino professionals in the US to visit the Philippines and help improve the economic lot of impoverished Filipinos. “The thing is to do well, we had to report profitability, which is the right thing to do." he said. “And if companies do these, the Philippines become attractive to foreign business." Pangilinan was a keynote speaker in the four-day convention that kicked off Thursday in a prelude to the 150th anniversary celebration of the Ateneo de Manila University foundation in December 2009 to be held in the Philippines. Two other prominent Ateneo graduates – Sen. Richard J. Gordon and Antonio Meloto – were also invited as guest speakers for Saturday but only Meloto could make it. Gordon, chairman of the Philippine National Red Cross, stayed behind in the Philippines to attend to typhoon victims. Pangilinan stressed the need for Filipino businessmen to observe “standards of disclosures by not cheating, by not being afraid to disclose the problems and by disclosing profits and successes in their businesses" to generate confidence among foreign businessmen in the Philippines. Citing PLDT, which is listed in both the Philippines and New York Stock Exchanges, Pangilinan said, “our level of disclosures and accounting standards conform with US standards. That’s why when they see our performance, they see it as an aspect of benchmark dual standards." In the case of the government privatization of the National Power Corporation, he said, “I think it is underway. And I think they (the Philippine government) are doing the right thing although slightly slow. They are trying to privatize Transco and geothermal plants of PNOC and had a good price for those." In the case of the public disagreement between President Gloria-Macapagal Arroyo and the Lopez family’s Meralco, he said he hopes “from the businessman’s perspective, they will come up with the best solution that is a business solution not political solution." Pangilinan, one of the 40 richest men in the Philippines, said, “If people can find solution that could be satisfactory to all concerned especially for the consumers tama naman si presidente kung ma-lower sana ang power rates kasi siyempre naghihirap ang mga tao tumataas ang presyo ng langis, ng bigas at mga bilihin mga gulay. Siyempre I can sympathize with them dapat bumaba ang power rates." (The President is right to lower the power rates to help the people reeling under the weight of inflated prices in gas, rice and other food supplies like vegetables. I can sympathize with them and I hope power rates will go down.) Pangilinan, who arrived Thursday, immediately returned to shortly after delivering his well-applauded speech "to catch the UAAP basketball game between Ateneo and La Salle." He was awarded a “plaque of appreciation for the work he has done for his country" by Dr. Rodrigo Farrales Jr, president of Ateneans USA and convention chairperson. Farrales’ younger brother, Jesse, who is also an Ateneo de Manila alumnus, said there were 150 participants to the convention coming from the United States, Canada and the Philippines. The Rev. Bienvenido F. Nebres, S.J., president of Ateneo de Manila University, led the official delegations from other Ateneo schools in the Philippines – Ateneo de Davao, Ateneo de Naga, Ateneo de Zamboanga or Xavier University. Ateneo de Manila University was founded in 1859. - Text and photo by JOSEPH G. LARIOSA
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