9 July 2008, Ballroom B, Dusit Thani Hotel, Makati City

The Hills Program recently held a luncheon forum entitled “Corruption in the Private Sector: The Quiet Forces that Engender Corruption” with Roderick Hills as the guest speaker. The event was co-hosted by the Philippine Business Leaders Forum.

In his talk, Mr. Hills explored the latent factors that engender corrupt behavior in corporations and steps that can be taken to minimize those factors.

Mr. Hills shared some of his experiences with corporate governance as the chairman of the SEC and later as a public advocate. One example he discussed is that for many years the U.S. Securities and Exchange Commission fixed the price brokers may charge when buying and selling shares of stock. To create a more efficient market, advocacy groups put pressure on the SEC to stop the price fixing. He explained that a completely unexpected byproduct of the end to price fixing was that a considerable amount of bribery was also eliminated. Apparently, stockbrokers had been bribing large fund managers with gifts because they could not compete on price. Mr. Hills had other examples from tax policy and accounting practices, as well as from widely publicized corporate scandals such as the collapse of Daewoo in Korea. Discussion then moved to the situation in the Philippines and how issues of corruption in the private sector can be addressed.

Read the speech of Mr. Roderick Hills.

Pres. Fidel V. Ramos; Mr. Roderick Hills, Mr. Jose P. Leviste, Jr.	Mrs. Carla Hills, Mr. Caesar Virata, Mr. Allan Anderson

Mr Roderick Hills and Dr. Mike Clancy	Mr. Washington SyCip, Mr. Roderick Hills, Atty. Angela G. Garcia

Mr. Roderick Hills, Dr. Mike Clancy, Mrs. Carla Hills, and Atty. Angela G. Garcia	Mr. Francis G. Estrada, Mr. Ramon R. del Rosario, Jr. , Atty. Angela G. Garcia , Mr. Washington SyCip , Ms. Grace Tancaktiong, Mr. Roderick Hills

Mr. Francis G. Estrada, Atty. Angela G. Garcia , Mr. Roderick Hills , Pres. Fidel V. Ramos, Retired Chief Justice Panganiban , Mrs. Carla Hills	Ms. Annie Masancay, Ms. Grace Tancaktiong, Ms. Belen Rillo, Pres. Fidel V. Ramos, Ms.Gisela Tiongson, Ms. Cristina Gregorio