Trust--Better Than Money in the Bank, But When You Lose It....

Trust--pagtitiwala-- is better than money in the bank. You can re-earn money, when you have what  it takes, foremost of which is trust. But one of the most difficult things to retrieve in life is trust.

I have been thinking  lately of the likes of Mr. B. Ramalinga Raju, founder of Satyam Computer Services of Hyderabad. He is under detention and undergoing investigation for many counts of fraud, including creating fictitious bank balances to make it appear that the company was doing well, and siphoning off corporate funds to companies owned by his family. We are not saying he is guilty. Mr. Raju's case is now known worldwide. In business, which is a complex of human relationships,   trust is the first casualty of being so publicly charged.

Will Satyam, or any other organization similarly situated,  survive this erosion  of public trust in its top leader? Is Mr. Raju to be held solely accountable for his supposed misdeeds? What about his board of directors?

In a great many of the most celebrated corporate scandals of recent years, trust was betrayed by those at the very top, who were supposed to safeguard it in the first place. Trust was betrayed as well by systems that were weak and porous. CEOs were put up on pedestals, adored by investors and managements who allowed them incredibly huge salaries, fees and stock options. Normal constraints of accountability and openness did not fetter CEOs who delivered sterling financial results and public adulation.

It is high time that business protected itself from leaders, and boards of directors, who would trifle with the trust of its stake holders. Media have been faithfully recording the sins of corporate leaders, but this has not seemed strong enough to deter betrayal.

In the Philippines, the Institute of Corporate Leaders (ICD) has been promoting transparency, responsibility and accountability among corporations, with particular emphasis on preventing corruption.

Public Relations can help by strengthening the concept and practice of corporate governance. Relatively few CEOs in the Philippine business have been found with their hand in the till. This is good. But let us not wait for the time when betrayal of trust will be commonplace. Trust is what honors business, and holds it together.

Three More Who Have Gone On

Three PR practitioners I knew have just gone on-- Jose "Joe" Orosa, Enrique  "Iking"  Santos and Benedicto "Ben" Figueroa.  

Strictly speaking, Joe was not a PR person: PR was not his business, but he was what a PR person ought to be, bright, rigorous, honest, upright,  and committed to others. He died a few days  ago. He owned and ran a big carpet manufacturing company, and later a rattan furniture business. He was a Client of mine, who became  a friend. Joe was quite simply one of the finest human beings I have ever met. He was utterly devoted to his children. When he spoke it was all to be sure you and your family were okay, and when you spoke, it was as if your words were going to be some of the most important he would ever hear.  He and his beautiful  first wife,  Ciel, would invite us to their lovely home. Rich people, the good ones, work ever so hard, and radiate inner beauty with their simple ways. 

I wrote about Mang Iking a few months ago. My estimation of him never wavered: he was a PR person whose contributions to PR practice, particularly in  airline PR and crisis management, still have to be examined by scholars. As a journalist, he was hailed as a craftsman and as a mentor.

I met Ben Figueroa in the early 60s, when we were starting out at Ace-Compton  (Advertising). He was very bright, often discussing existentialism with Triccie Cepeda. Years later we found ourselves at JWT, and counterparts on the Pepsi Cola account, he in advertising and I in PR. Ben was the brainy type;  you would think he was bland, but he  was really a gentle nice person. He headed Lexington International Public Relations,  Inc. years after I left it. A few years ago, he migrated to the U.S., and died  earlier this month in New York.

I remember  these three kind men with esteem and affection.

Betting on the Philippines

As the year begins, there is one thing I would like to say: I will   bet once again on my country, the Philippines. We have been through all manner of crises before, and we  have always pulled through. True, this current global economic crisis indicates that it may be more overwhelming and far- ranging that any we have had before and that our economy still has inherent frailties. In spite of these, I would rather  keep faith in my country, than unearth reasons why it will not survive this crisis.

PR, which is my trade, is a business that, while it sticks to fact and reality, thrives on hope. We are trained to provide solutions to problems and chart long-term programs designed to putting clients on a strong footing. Our chief instrument as professional consultants is command of facts and creativity in creating programs that build consensus and understanding, as well as promote free enterprise and economic production. 

The Philippines has  a number of things going for itself. Its manpower, including those working overseas, is strong and on the overall suitable to the needs of employers in  the domestic and foreign market. Domestic peace and security has been relatively stable for a while, and this will provide the impetus for domestic tourism, for instance.  Foreign reserves are healthy. There is a quite strong will to entrepreneurship and innovative production. Our policy makers and leaders are  focused  on pushing on with accelerating productive enterprise, reviving exports, promoting our service industries and enhancing national competitiveness. Our people, for their part, it seems, would rather stick to their work and help keep the economy going.

In PR, we keep receiving from overseas indications of interest in the Philippine market. Foreign companies do still want to promote products and services in the country. 

Have we got problems? We have them, aplenty. Fears engendered by corruption, for one. Cost of business perceived to be intolerably high,  because of corruption. Layoffs that have begun in the OCW sector. Anxieties over investments crawling to a stop, as a direct result of the global crisis. 

I still bet on my country, because it makes sense to do so. The Philippines is a  going concern, and opportunities abound in it.