Putting up a whistleblower protection system in business will help ensure good corporate governance in the country.
According to statistics presented by Juan Carlos B. Robles, a certified public accountant both in the United States and the Philippines, 40 percent of the fraud detected in Philippine companies was due to tips of the people known as whistleblowers working within the company.
The presence of a whistleblower protection system is an indicator that the company is trying to practice good governance,
said Robles.
He enumerated the presence of a code of ethics, strong internal audit and control functions, and performance evaluation systems as some of the best practices for corporate governance.
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