Bukas Palad ‘Christify’


It was really ‘soul-warming’, giving praise to God in music & song, through the wonderful singing of the ‘Bukas Palad’ [lit.: ‘open palms’] Music Ministry, in their launch concert of the new album ‘Christify’, August 29th, after the 4pm Mass, Church of the Gesu, Ateneo de Manila University campus.


Humayo’t itanghal
Praise the Lord who heals ( Ps 147)
Pagkabighani (Sonnet to our Lord on the Cross, St Francis Xavier)
(Tayo na) Sa tahanan ng Poon
Love & Truth Will Meet (Ps 85)
Say The Word
Kailan Pa Man

I was particularly smitten by their Tagalog rendition –“Pagkabighani”– of St Francis Xavier’s Sonnet to our Lord on the Cross, “My God, I love Thee, not because” (O Deus, ego amo te).

Hindi sa langit Mong pangako sa akin
Ako naaakit na Kita’y mahalin,
At hindi sa apoy–kahit anong lagim–
Ako mapipilit nginig Kang sambahin.

Naaakit ako na Ika’y mamalas
Nakapako sa krus, hinahamak-hamak.
Naaakit ng ‘Yong katawang may sugat
At ng tinanggap Mong kamataya’t libak.

Naaakit ako sa ‘Yong pag-ibig
Kaya’t mahal Kita kahit walang langit,
Kahit walang apoy, sa ‘Yo’y manginginig.

Huwag nang mag-abala upang ibigin Ka
Pagkat kung pag-asa’y bula lamang pala,
Walang mababago, mahal pa rin Kita!

What joy we had when, for encore (they had 3 encore [closing] numbers actually!), the choir sang: “I Will Sing Forever of Your Love, O Lord”! 🙂

Listen to Bukas Palad ‘I Will Sing Forever’ here:


I got Fr. Manoling Francisco’s autograph on my copy of the ‘Christify’ SongBook! 🙂





Caring Economics

Book “Creating a Caring Economics: The Real Wealth of Nations”


America is teetering on the precipice of economic disaster. Commentators blame deregulated markets and a few bad apples at the top. But these are symptoms of deeper problems. Eminent social scientist and bestselling author Riane Eisler points the way to a sustainable and equitable economy that gives value to caring for our greatest economic assets: people and our natural environment.

This powerful book shows that the great problems of our time – such as poverty, inequality, war, terrorism, and environmental degradation – are due largely to flawed economic systems that set th wrong priorities and misallocate resources. Conventional economic models fail to value and support the most essential human work: caring and caregiving. So basic human needs are increasingly neglected, despair and ecological destruction escalate, and the resulting social tensions fuel many of the conflicts we face today.

Eisler offers a bold reformation: a caring economics that transcends traditional categories like capitalist and socialist and offers enormous economic and social benefits. She describes business policies and practices, innovative economic indicators that incorporate caregiving activities, and new social structures. And she lays out practical steps we can take to move towards a society based on this more humane and effective economic model.

Taken from:



Para los hispanoparlantes:



Hace pocos días, Francisco de Borja Santamaría nos advertía en esta misma web, en un artículo titulado Cuidar o ser cuidado, de que la situación habitual de un ser humano es la de cuidar de otros o la de ser cuidado por los demás. Hoy nos llega otro artículo, de José Ramón Pin, titulado “Caring Economics”, publicado en El Economista (Madrid) y al que hemos incluido algunos links de interés, que nos informa de que el “cuidado” ha pasado a ser o debe pasar a ser un concepto incluido en la ciencia económica.

Montreal, agosto de 2010. Reunión anual de la Academie of ManagementRiane Eisler presenta su libro Creating a Caring Economics. The Real Wealth of Nations (Creando Economías del Cuidado. La Riqueza Real de las Naciones). Su tesis: la ciencia económica actual no abarca una descripción real de la sociedad; deja fuera de su análisis lo más importante, care.

Profundizo en esa palabra: care. Llego a la conclusión de que Riane se refiere tanto a cariño como a cuidado, incluyendo el comportamiento a que lleva el cariño. Su traducción debería ser: Cuidado con CariñoCaring Economics: Economías del Cuidado con Cariño.

La reunión en la que se presenta el libro es concurrida. La autora cuenta su experiencia vital y académica. Austriaca, su familia fue perseguida por los nazis, pasó por Cuba y recaló en EEUU. Antropóloga, socióloga y jurista de formación, llegó a la conclusión de que se necesita una teoría más amplia e interdisciplinar de la economía.

Teoría distinta al capitalismo y al socialismo porque, según Riane, no pueden ser los esquemas políticos que han producido el problema los que aporten su solución. El cambio cultural que sustente una nueva economía vendrá del reconocimiento del valor de the care.

La familia, donde the care se desarrolla de manera natural, recupera su papel central. Un Estado con una economía sana necesita políticas de protección de la familia. También son importantes las instituciones que ofrecen cuidado con cariño: escuelas, iglesias, organizaciones de asistencia social, protección del medio ambiente, ONG, etc.

En la empresa igual: si se desarrolla the care, es más humana y eficiente.

Conociendo las corrientes intelectuales norteamericanas no me extrañaría que la Caring Economy se convirtiera en una propuesta atractiva como lo fueron los movimientos postmodernos de los años 60 y 70. No se olviden de esta expresión, ni de Riane Eisler.

José Ramón Pin. Profesor del IESE. Universidad de Navarra


Watch 2 short Welcome videos from Riane Eisler:


Listen to Riane Eisler’s dialogue with Michael Stone about this new book, on his radio show Conversations on July 27, 2010.



ROC UP Diliman

ROC Restaurant of Choice

A smart casual resto in the heart of UP Diliman
Monday – Sunday

WiFi Ready
ROC now accepts Visa/Mastercard
Piano Bar available for private parties
Now open for breakfast on summer weekends


So reads the Info Tab on its Facebook group 🙂

I just came from there for a lunch treat (sponsored by Jimmy) for our (new) Dean Dr. Ben Paul Gutierrez, along with colleagues 🙂

On coming to ROC today, I was telling my colleagues that one of the things I love about ROC is free WiFi (!), apart from good food, of course!

And because of the nice ambience and nice coffee-cum-sweets combination (and WiFi of course!), I’ve managed to finish writing plenty of my Research Papers (including some chapters of my Dissertation!) 🙂

Here, too, is where I bought a whole cake (yummy!) for a group in UP Diliman to whom I owed the successful completion of my dissertation defense 🙂

So, if you haven’t tried ROC, come along!


Governance and Virtue Ethics

Corporate Governance and Virtue Ethics

When control is separated from ownership, managers may not attempt to maximize profits and may pursue other objectives, like maintaining their own incomes, not working hard, or having plush offices (http://wps.aw.com/aw_carltonper_modernio_4/21/5566/1424929.cw/index.html)

This is called “moral hazard”.

What are some of the Governance mechanisms utilized in the modern Western-style corporation to solve these problems?

1. Ownership Concentration

= the no. of large-block shareholders and the total percentage of shares they own.

● large-block shareholders are increasingly active in their demands that corporations adopt effective governance mechanisms to control managerial decisions.

● In general, diffuse ownership produces weak monitoring of managerial decisions (makes it difficult for owners to coordinate their actions effectively; weak monitoring might result in product diversification beyond shareholders’ optimum level.)

Growing influence of institutional investors

Institutional owners = financial institutions, such as banks, mutual funds, pension funds, etc. that control large-block shareholders positions.

● Because of their prominent ownership positions, institutional investors are a powerful governance mechanism.

● Institutional owners have both the size and the incentive to discipline ineffective top-level managers and are able to influence significantly a firm’s choice of strategies and overall strategic decisions.

2. Board of Directors

● “The Board of Directors is primarily responsible for the governance of the corporation.  It needs to be structured so that it provides an independent check on management.  As such, it is vitally important that a number of board members be independent from management” (Phils. SEC Code of Corporate Governance).

Classification of Board of Directors’ Members:


● The firm’s CEO & other top-level managers

Related outsiders

● Individuals not involved with the firm’s day-to-day operations, but who have a relationship with the company.


● Individuals who are independent of the firm in terms of day-to-day operations and other relationships

3. Executive Incentives

● Explicit and implicit incentives, in practice, partly align managerial incentives with the firm’s interest. (Salary, Bonus & Stock options)

● Capital market monitoring and product-market competition further keep a tight rein on managerial behavior.

● Also: ‘intrinsic motivation’, fairness, horizontal equity, morale, trust, corporate culture, social responsibility & altruism, feelings of self-esteem, interest in the job, etc.

4. Market for Corporate Control

= composed of individuals and firms that buy ownership positions in (or take over) potentially undervalued corporations so they can form new divisions in established diversified companies or merge two previously separate firms.

= The purchase of a firm that is underperforming relative to industry rivals in order to improve its strategic competitiveness.

A potential problem with the market for corporate control is that it may not be totally efficient.

  • A study of several of the most active corporate raiders in the 1980s showed that approx. 50 per cent of takeover attempts targeted firms with above-average performance –corporations that were neither undervalued nor poorly managed.

We, then, understand why Corporate Governance is defined in this way by the Philippines SEC Code of Corporate Governance:

Implication: Even in the “most perfect” of cases, all of these mechanisms (which are extrinsic in nature) may not totally resolve these ‘principal-agent problems’.


What then can be proposed?


Note that mention is made above of TRUST (apart from fairness, morale, altruism…)  The principal-agent relationship can effectively be viewed as a relationship of TRUST: the principal trusts that the manager would act in such a way as to increase shareholder value.  When both parties are motivated by sheer material incentives, there is no way to solve definitively the problems between them.  However, if both principal and agent are VIRTUOUS (are fair and just, are courageous and professional, are temperate and sober, are disciplined and generous…, are CHARITABLE), many of the principal-agent problems would disappear.

For example: We all know the critical importance of INDEPENDENCE on the part of accountants and auditors (the adverse consequences for independence of taking on consulting and non-attest services for the audit client) (http://www.accountingweb.com/blogs/cpapastr/today039s-world-audits/are-you-performing-non-attest-services-impair-independence) If only each member of the auditing firm exercised enough self-discipline, self-control and moderation (a stubbornness to tell himself “I must not allow myself to lose my independence”, “I must reject the lure of money here”), then this particular governance problem could be alleviated…

“Aristotle’s Nicomachean Ethics: An Introduction”, by Michael Pakaluk

As another example: It is quite obvious that many of the unethical practices that have occurred in firms are due to GREED (the unbridled desire for and possession of maximum wealth, “profit-maximization brought to the extreme”, “capitalism gone haywire”).  If only owners and managers had a bit more of temperance and sobriety (Greek enkrateia) –if only they exercised moderation and self-control–, they would have done the firm a great deal of good, i.e., they would have achieved, for themselves and for the firm, what Aristotle called the Highest Good: happiness (Greek eudaimonia – sometimes translated as “living well”).  If only we could convert the owner-manager relationship into real FRIENDSHIP ―what do friends do to each other? who is a true friend?―, then many of the principal-agent problems would indeed disappear.  (see Michael Pakaluk’s treatment of friendship in Aristotle’s Nicomachean Ethics in the link above).


Extending the discussion a bit further, we can show that corporate social responsibility, defined in ethical terms, can be a “better solution” to the principal-agent problem.  Many politicians, managers, consultants, and academics object to the economists’ narrow view of corporate governance as being preoccupied solely with investor returns; they argue that other ‘stakeholders’, such as employees, communities, suppliers, or customers, also have a vested interest in how the firm is run, and that these stakeholders’ concerns should somehow be internalized as well (Tirole, Jean [2006], “The Theory of Corporate Finance”, p. 16).

Freeman, in his book “Strategic Management: A Stakeholder Approach”, assumed that ‘‘managers bear a fiduciary relationship to stakeholders’’.  The interests of all stakeholders are of intrinsic value (that is, each group of stakeholders merits consideration for its own sake and not merely because of its ability to further the interests of some other group, such as the shareowners). Freeman and Philips, in normative stakeholder analysis, introduce the fairness principle based on six of Rawls’ characteristics of the principle of fair play: mutual benefit, justice, cooperation, sacrifice, free-rider possibility and voluntary acceptance of the benefits of cooperative schemes (Freeman, R. E. and R. A. Philips: 2002, ‘Stakeholder Theory: A Libertarian Defence’, Business Ethics Quarterly, 12(3), 331–349).  It is argued that a good number of virtues could enable the firm to attend to all stakeholders as it tries to achieve its goals (of profit-maximization and shareholder wealth enhancement).  Concretely, cooperation and sacrifice are mentioned as part of fairness.  [It can be shown that, ultimately, businesses have their long-run strategic objectives in mind when they undertake socially responsible initiatives. https://sites.google.com/site/catholicmanagement/] In addition, one could consider the Japanese concept of “Kyosei´(understood as “living and working together for the common good”) as the basis for some firms’ practice of social responsibility.  Note that these traits ―cooperation, sacrifice, harmony, peace, working for the common good― are present in VIRTUOUS individuals; in fact, it is FRIENDS who are capable of sacrificing themselves for the sake of their friends.  When the principal-agent relationship truly becomes a fiduciary relationship ―the summit of which can be reached only if each is capable of practicing CHARITY with the other―, then there may be no need for extrinsic governance mechanisms (Garriga, Elisabet, and Domènec Melé [2004], “Corporate Social Responsibility Theories: Mapping the Territory”, Journal of Business Ethics, 53: 51-71).


Many more things can be said here, but I remit you to the 3rd Edition of “Understanding Accounting Ethics” (forthcoming).  For excerpts from the 2nd Ed., click here:



For a more advanced (mathematical) treatment of the Principal-Agent Problem, see Jean Tirole “The theory of industrial organization”:



Will expand this blog with ideas from Wijnberg’s “Stakeholder Theory and Aristotle”:

Also from the empirical paper “Ethical Character and Virtue of Organizations” by Rosa Chun:

ABSTRACT. Virtue ethics has often been regarded as complementary or laissez-faire ethics in solving business problems. This paper seeks conceptual and methodological improvements by developing a virtue character scale that will enable assessment of the link between organizational level virtue and organizational performance, financial or non-financial. Based upon three theoretical assumptions, multiple studies were conducted; the content analysis of 158 Fortune Global 500 firms’ ethical values and a survey of 2548 customers and employees. Six dimensions of organizational virtue (Integrity, Empathy, Warmth, Courage, Conscientiousness and Zeal) are identified through confirmatory factor analysis, and validated against satisfaction measure. Strategic implications of virtue characters are discussed.


You may send feedback: aliza.racelis@up.edu.ph

Onofre D. Corpuz

Dr. Onofre D. Corpuz – Notes on TEACHING



A beautiful memo on “TEACHING” by O.D. Corpuz, written in 1979, as U.P. President:

This is a statement of some of my thinking on teaching and learning. … I go into this exercise because we can improve teaching only by first thinking over why we teach, what we teach, how we teach, and who we teach.  Unless the teacher does some earnest thinking about his or her teaching in the classroom, that teaching cannot be improved much by what we do outside of the classroom, by seminars, memoranda threatening sanctions and offering incentives, learning aids, and so on.


I went into teaching in June 1950 mostly because I wanted to be independent.  When I reported to my Dean she asked me whether I knew how to teach.  I replied that I knew what to teach.  I was young.  I was a magna cum laude graduate.  She was a wise lady, and obviously decided that it would be pointless to argue with the determined young person before her.  But I noticed that she was monitoring me throughout the semester, and invited me now and then for a game of chess, punctuating each struggle over a pawn with discreet remarks or questions.  I think my Dean’s interest in my progress fueled and sustained my own interest in teaching.

Throughout the 1940s and early 1950s there were many students who did not go to school during the war years.  They were older than students nowadays, but I was still a few years older than most.  I led the men in tuba drinking bouts (after hours), sports, card games and serenades.  It wasn’t because I was trying to be liked, to be one of the gang.  I really enjoyed them.  Today I can meet almost anyone of those students, men or women, after 27 years, and greet them by their first names.  In 1950 I resolved that I was not going to remain an instructor all my life; I aspired to higher status.  There was no reason why my students would be different; I assumed they had similar ambitions.  So I meant to help them along, to teach them what the system then required, for them to become what they aspired to be. Thinking back, I know we genuinely liked and respected each other.  This surely smoothed the teaching and learning.  If one were to teach other people with whom one did not have any human rapport, nor the least bit of affection, the teacher teaches out of the duty in a business transaction. What is taught by the teacher is something given because the student paid for it.  Real teaching and learning transcend money considerations, and take place only because teachers and students relate to each other beyond official status, and as human beings.

Some genius assigned me five different subjects to teach in that June 1950.  Worse, I had seven sections of students.  When I was assigned to Diliman in the mid-1950s, I had four subjects, six sections.  Enough to make a man feel paranoid, these days.  But we had little self-pity then, and we reserved our petulance and rebellious spirits for what we thought were “truly significant issues.”  It had nothing to do with diffidence.  Anyway, I had to study and learn a great deal in order that I could teach those five courses. Willy-nilly, it now seems, my education was continuing after graduation.  Getting prepared for each course was tough.  I still believe that it is more embarrassing for a teacher to be unprepared when the teacher has both personal and professional relationships with the students.  It is more challenging. When the teacher is just the guy in front he would think nothing of giving a snap test, or some similar ruse, to conceal his unpreparedness.  You wouldn’t do that if you knew that your students knew you; they would unerringly smell out your unpreparedness; maybe they would understand, and twit you afterwards, meaning no malice, but that would make you feel even worse.

I started teaching in a small provincial college, and the library was very basic.  I was assigned to teach a course that I had not taken in college, and for which the library did not have the textbook – Cheyney, History of England. I remember this book so well, because I ordered a copy from abroad (P2 to $1 yet), and read it like crazy.  When you teach in these circumstances, your students without the textbook, you have to give them a lot of the basic information.  You give them readings (excerpts), a lot of lectures; they must take a lot of notes, they must retain information and have their own data bank in their minds. The basic need is to get them to develop their memory skills.  It is the same for all courses.  But then you want to educate them to think about the data.  You organize and reorganize the information material and present it to the students, so that the significant historical forces or trends lie contained in the information, not popping up by themselves, but waiting to be sensed and discovered.  You handle the discussions to help the students to think things out, until they discover those trends and forces.  The students make the discovery through the thinking effort.

As the students think, they will place importance on some information, more significance on others, and less or none on the rest.  I used to tell them that when you think, you must edit the information or data.  An editor keeps some items, dismisses the others, and organizes those that remain into relationships.  In the class discussions I would knock down the silly answers … short of killing the fires of their interest.  But the answers were often not the point.  What mattered to me was that everybody, including those with the wrong answers, knew that they had to edit. And I told them that learning required two basic skills: the ability to remember, and the ability to forget.  You can’t learn anything without memory, and you would die emotionally or intellectually if you could not forget.  Forgetting and remembering are both essential to life, and to learning.

Which things to remember, what significance to give to them; and which things to forget or attach no significance to, I guess pretty much sums up my theory of learning then.  You had to remember the Magna Carta; you had to think and examine the Magna Carta to realize that it was a weapon of the aristocracy against the king, that it was not really democratic because it did not affect the common people of England; but you could forget the baron’s names, and the nasty king who couldn’t finance his wars from his own chest.


I cannot squeeze any weighty conclusions from such flimsy reminiscences.  Yet it is necessary to forestall suggestions that magnify the problem rather than solve it.  I will discourage gigantic proposals to spend huge amounts of money to find out why we are not reaching as well as we can, and as well as we should.  We should not establish a “University Center for the Discovery, Adoption, and Promotion of Pedagogical Excellence.”  On the other hand, we should not adopt a horse-and-calesa approach to the problem of teaching.

Our problems of teaching do not start from outside the teacher, did not start from “the system.”  They start and grow from what the teacher brings to the task, and from his or her response to the system.  The economic pressures of the situation might be unbearable to some, but in most cases this load can be lightened by the teacher’s thinking again of what teaching truly means to him or her, and for the University. Exhortations probably will not work, and I am frugal with them.  But I doubt very much if we can teach well, except by accident, if we were not excited by what we are doing.  It is only after we have examined our ideas and our records and ourselves as teachers, that we can consider the external and institutional factors that are relevant to teaching. Only then can we say to the departments and the colleges and the big wheels of the University, that the system and the environment and the people who recommend and act on promotions must support good teaching.

What to do about research, extension service, and those nice juicy and necessary consultancies?  We can do most of them, and still teach well – except that most consultancies should not be done on time belonging to the students. I would like to see more group or departmental research or extension service, to facilitate programming of time and effort. For research specifically, I ask the Deans to look at the research proposals of their faculties and to discourage and reduce meaningless duplication.  After a good study has been done on, say, “statistical measurements of men’s trousers in the Philippine Army,” we should not allow similar research proposals on men’s (or women’s) trousers in the navy, airforce, police, university, et cetera.  Really!


O.D. Corpus Curriculum Vitae:


Address during Conferment of Degree of Doctor of Laws, honoris causa:


Professional Ethics

Excerpts from “Understanding Accounting Ethics”

by Michael Pakaluk and Mark Cheffers

[Until summer 2010, Dr. Michael Pakaluk was at the Institute of Psychological Sciences. From this August 2010 on, he’s teaching at Ave Maria University, Florida.]

Outline of the Book:





Ethical Education

Ethical Awareness. The study of Agacer, Valcarcel, and Vehmanen, (1993) empirically examined whether differences in ethical attitudes exist between the groups of business students from the U.S., Philippinesand Finland.  While their results showed that the students from the Philippines expressed the highest degree of ethical awareness for the ethics vignettes shown to the respondents, there were nevertheless a few ethical situations to which these Filipino students expressed indifference.  Given that Philippine history has been constantly dotted with questionable actuations of people in government and business, there seems to be a need to develop corporate cultures that send strong signals to managers and employees regarding sanctioned or unsanctioned ways of ethical decision making.

Socialization. The discussion in this paper has implications for the process of ‘socialization’ within the organization.  That is, thoroughly communicating ethical rules to new employees is an important first step.  The second step is relentless signaling to maintain faith in the ethical cultural rules of the firm (Camerer and Vepsalainen, 1988).

Ethical Practices. Ethical awareness does not mean that ethical values are also being practiced. Awareness is only a first step (Agacer, Valcarcel, and Vehmanen, 1993).  In an increasingly complex organizational environment that requires that both corporate value-maximization objectives and external stakeholder demands be met, it is easy for businesses to succumb to what is termed ‘ethical ambivalence’.  This occurs when the behaviors, attitudes, and norms that are shaped and maintained by the organizational reward system conflict with the behaviors, attitudes, and norms congruent with the ethical values and judgments of organizational stakeholders (Jansen and von Glinow, 1985).  It is, thus, necessary to ensure that organizations and persons employed therein act in congruence with basic ethical principles.

Institutionalization of Ethics

Corporate Codes of Conduct. Over the last several decades, there has been a growing interest in developing and implementing corporate ethical policies in order to foster ethical conduct among managers and employees.  These policies take on various forms, among them being corporate ethics statements, which define the firms’ philosophy, values and norms of conduct.  Codes of ethics were introduced as early as the 1930s but became popular only in the 1970s when many large firms adopted them as a response to several corporate scandals at that time.  While research has shown that companies appear to have sufficient ethics statements in place, the potential effectiveness of such codes is likely dependent on organizational commitment to them (Melé, Debeljuh, and Arruda, 2006; Murphy, 2005).  It behooves us, therefore, to think whether Philippine organizations possess as much commitment to such ethics codes as do their Western counterparts.

Corporate Social Policy. Over and above mere formulations of corporate ethical statements or social performance policies, it has been suggested that companies go through the so-called ‘corporate social policy process’, whereby firms and their leaders can be assisted in incorporating value considerations and social performance issues into ongoing organizational and individual policies and practices.  Key to this proposition is the institutionalization of value-based moral reflection and choice concerning individual and organizational behavior, with special attention to issues arising from the specific products (consequences) of corporate actions (Epstein, 1987).


Freedom lecture

Lecture on ‘Freedom’ for my BA 198 class:

“Freedom is that characteristic of our will by which we can choose what is good, and which is fully acquired in self-surrender and love.”



Libertas, by Leo XIII

Truth and Freedom, by Joseph Ratzinger

Commentary on Leo XIII’s Libertas