Helping Philippine Small Enterprises Deal with Integrity Issues
Corruption is a common business complaint in many countries in Asia, including the Philippines.
A global survey by the World Bank found that small enterprises are more adversely affected by corruption than big companies.
With small enterprises accounting for more than 90 percent of the Philippine economy, how these businesses deal with integrity issues can have a big impact on economic growth. Incorporating integrity policies into their operations can help cut costs and increase access to capital. It also helps them qualify to do business with large organizations and be part of global supply chains.
That’s why IFC held an integrity workshop for small and medium enterprises in Manila this month to explore what companies can do on their own and with others and what they expect government agencies to do to address integrity challenges.
Our corporate governance, sustainability, and SME experts shared international best practices and gathered feedback from local entrepreneurs, non-government organizations, banks, lawyers and other service providers, and government representatives on integrity guidelines that would be made available under our SME Toolkit.
The Philippines is the only country in Asia to hold the workshop, which is part of a five-country series that includes sessions in Colombia, Kenya, Lebanon and Serbia.