Values and Ethics

QUEDANCORCORPORATE VALUES

ANDETHICAL STANDARDS

Handbook on

QUEDANCORQUEDANCORCORPORATE VALUES

ANDETHICAL STANDARDS

CORPORATE VALUESAND

ETHICAL STANDARDS

CORPORATE VALUESAND

ETHICAL STANDARDS

Handbook onHandbook onHandbook on

Pangarap namin sa Inang BayanMamayani ang mamamayanUmunlad ang kabuhayanSa sikap at paraan

Agapay puhunan aming ihahandaSa magsasaka at mangingisdaSa magtitingi, sa pamilihanMangangalakal at samahan

Refrain:

QUEDANCOR, QUEDANCORSusuhay sa kabukiranLayunin ay padaluyinPagtulong sa kanayunan

Bangkong saganaAng laging katuwangSa aming pagpapaunladSa buong kapuluan

(Repeat Refrain)

Sa aming pagpapaunladSa buong kapuluan

HIMIG NG QUEDANCORMusic byLyrics by

Misael ManalaysayRuby Lumongsod

A timely and fitting codification, this Handbook on CorporateValues and Ethical Standards serves as every employee'sguide and reference to be constantly reminded of theparamount duty and responsibility of a Public Servant whoseforemost concern is to put the interest of the Corporationabove all while in the performance of his function.

At this trying time of corporate struggle, it is best to ponder onhow strong or weak the Quedancor corporate value systemhas been -- a contemplation that can lead us to improve notonly on our corporate structure and functions, but as well onour own personal being juxtaposed in a governmentcorporate setting. The interplay of the complexities of publicservice with the dynamics of human behavior produces amyriad of situations that oftentimes become the temptingsource of abuse, corruption and personal pursuits of vestedinterests. Theoretically, all these could easily be avoidedand repelled if we are to base the innate goodness of eachperson as a measure. However, the person's goodnessdepends on the varying degree of his moral state. Hence,one's value system spells the difference.

With this Handbook, Management embarks on a continuingmoral renewal program. This document is just the initial stepof a long array of activities that aims to re-inculcate amongevery employee the basic goodness of his person, a valuesystem attuned and responsive to the government corporatesetting.

Let us live and serve within the principles of our corporateethics and values.

President and CEOFEDERICOA. ESPIRITU MNSA

F O R E W O R D

Table of Contents

The Quedancor Professional Creed

Mission/Vision

QUEDANCOR Corporate Directives (CHAMPS) 1

QUEDANCOR Code of Conduct 4

1. Competence

2. Honesty

3. Accuracy

4. Management by example 2

5. Professionalism

6. Service Orientation 3

1. Introduction

2. Objectives

3. Administration and Accountability 5

4. Rules of Conduct

4.1. Conflict of Interest

4.2. Gifts, Bribes, Commissions and Kickbacks 7

4.3. Substance Abuse 9

4.4. Protection of Assets and Information 10

4.5. Accounting Books and Records

4.6. Duty to Cooperate 11

4.7. Financial Responsibility

4.8. Fair Dealing 12

4.9. Contributions 13

4.10. Covering Up Mistakes/Falsification of Records

5. Implementing Appropriate Background Checks 14

6. Observance of Conduct for Employees

7. Electronic Facilities and Personal Computers 15

8. Reporting Certain Conduct

9. Penalties for Breach of the Code of Conduct

10. Enforcement 16

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Our business is professional delivery

of agri-credit services.

We are dedicated to work

for the full satisfaction and best interest

of the many publics we serve and relate with:

As an instrumentality of government,

we anchor our services on the highest standards

of competence, honesty and integrity.

As civil servants, we are guided by an inherent desire

for honorable, efficient and quality service.

We shall be untainted in our dealings, pure

in our motives, responsive and responsible in our actions.

Our ceaseless desire to see the development of

the countryside shall spur us to close fellowship

with one another, work as a team, in the effort to build

and sustain a capable and self-sufficient organization,

and to eventually serve as an example of success

and efficiency to the nation.

Ultimately, we shall endeavor to make ourselves

the epitome of individual and corporate service,

the esteem of society, contributing our modest share

in agricultural development and national progress.

our rural clients

our banking allies

our co-workers in rural emancipation and

our stockholders.

THE QUEDANCOR PROFESSIONAL CREED

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Provide better and accessible

guarantee system and

convenient credit-support mechanism.

MISSION

VISION

Greater access to credit and

guarantee by agricultural stakeholders

towards increased productivity and

improved quality of life.

ii

1

QUEDANCOR CORPORATE DIRECTIVES

1. ompetence

2. onesty

3. ccuracy

All corporate officers and employees should give top priority toexcellent performance. This means performance in the mosteffective and efficient manner. To achieve this, corporateofficers should ensure the continuous development ofcompetence by their respective subordinates. Employeedevelopment should, therefore, be a principal and on-goingconcern of all. Innovativeness and creativity should also beencouraged among the employees.

Public service is a public trust. Everyone is, therefore, enjoinedto render their services with dignity and honor. Corporateofficers should see to it that organizational practicesundermining this philosophy must be eliminated. Examples ofthese practices are putting personal interest above the missionof the organization and using corporate resources forpurposes other than those intended.

Precision in doing a task or approaching a problem is requiredfrom all officers and employees. Accepting or adopting easy,short and sloppy alternatives is vehemently discouraged.

C

H

A

QUEDANCOR CORPORATE

DIRECTIVES (CHAMPS)

4. anagement by example

5. rofessionalism

a. Communication

b. Teamwork and Cooperation

Weakness in managerial leadership is often the source ofsplintered attitudinal directions. Proper work attitude mayonly be developed if corporate officers themselves areproperly acquainted with sound attitudinal orientation. Theymust generate respect, wield authority intelligently andpreserve credibility and consistency. They should live asmodels and set day-to-day example of behaviors to all.

Professionalism should be practiced at all levels and in all theactivities of the organization. Some of the major areas whereprofessionalism should be exercised are the following:

An open communication shall be established at Quedancor.This means that directives and decisions emanating fromhigher levels of authority must not only be transmitted butmust be discussed and understood. Discussion or evencriticism should, therefore, be encouraged within theorganization but must be confined within the organization.The best time for such discussion/criticism is during officialmeetings.

Everyone should strive to work with others harmoniously andproductively. Sharing one's knowledge, experiences,problems and difficulties with others shall enhance unity andfamily spirit. Teamwork should be strengthened both at thehorizontal and vertical levels.

M

P


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Abuse of authority is contrary to the principles of a professionalQuedancor boss. Even the subtlest form of abuse such asasking subordinates to run errands for personal purposes orshouting at subordinates must be eliminated. All officialinstructions, however, should be followed and attended to bysubordinates at the earliest possible time.

The Quedancor exists because of, and for, its clients. Utmostconcern should, therefore, be given to their needs and well-being. Asking and/or receiving money, special favors andvaluable gifts from them is detrimental to the achievement ofQuedancor's objective. A strong service orientation should bethe foundation for building upon other sound employeeattitudes such as high quality orientation, wholesomeness,tolerance and humility.

c. Boss-subordinate relationship

6. ervice OrientationS

QUEDANCOR

CODE OF CONDUCT

1. Introduction

2. Objectives

Quedancor's Code of Conduct is intended to commit andguide all officers and employees to the highest standards of ethicaland professional conduct in delivering services to the public.

This Code intends to give directions on the business practiceand the professional and personal conduct all employees areexpected to adopt and uphold while performing their tasks in order toinstill trust and confidence in their agency.

The Manpower Resources Division and the OperationsDepartment will provide employees with additional manuals, circularsand procedures relating to their specific jobs while additional policiesmay be published as appropriate.

Employees are expected to follow the information in this Code,as well as the spirit and letter of all laws and regulations related to theCivil Service. They have to bear in mind that violation of this code orthe related laws and regulations constitutes grounds for disciplinaryaction, including termination of employment and legal action.

2.1. To show commitment to the Government's call for societalreform through moral renewal and values formation.

2.2. To define and emphasize Quedancor's renewed effort to re-engineer its way of doing business to instill public trust andconfidence.

QUEDANCOR CODE OF CONDUCT

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2.3. To set the direction for human resource developmentprograms which needs to be programmed and funded tosupport the re-engineering efforts.

2.4. To instill correct values and ethical conduct among allQuedancor officers and employees, thus, eradicating anymisbehavior or wrongdoing.

3.1. The Legal Affairs Department through the appointment of theproper courts has the ultimate authority to interpret thepolicies in this Code of Conduct.

3.2. All employees/officers shall assume the responsibility toreport any questionable behavior promptly to any of thefollowing:

- An employee unsure of whether a situation violates thisCode may discuss the situation with his supervisor and thesupervisor to the next higher authority prior to IAS.

Quedancor does not tolerate conflict of interest which occurswhenever an individual's private interest, real or perceived, interfereswith the interest of Quedancor and its clients.

3. Administration and Accountability

4. Rules of Conduct

a. The Internal Audit Service

b. Ethics Hotline at (02) 373-9454

4.1. Conflict of Interest

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All officers and employees must avoid any personal activity, financialtransactions or associations which interfere or appear to interfere inrendering good judgment concerning the best interest of Quedancor.Thus, all officers and employees must not:

a. influence anybody in Quedancor to engage in businesstransactions with his/her relatives or friends;

b. have any financial interest in business ventures, directly orindirectly, involving Quedancor vendors and suppliers, clientsor competitors;

c. have any material or financial interest in any transactionrequiring approval of Quedancor;

d. use or disclose confidential or proprietary informationregarding client, vendor/supplier and employee that are inQuedancor's custody for personal gain;

e. receive loans or guarantee of obligations from Quedancor as aresult of position held in the corporation, unless such are in thenature of regular and authorized personal benefits that havepassed normal standards of scrutiny and evaluation and do notinvolve more than the normal risk of repayment nor presentother unfavorable features. Quedancor's credit standards mustbe consistent for all clients at all times;

f. engage in paid employment or practice of profession outsideof Quedancor or any other outside activity whether paid or notthat conflicts with his duty to Quedancor. Any such activitiesmust be disclosed in writing to top management or in case oftop management, to the Governing Board. Employment withan insurance company as an agent or as a broker of anyfinancial institution shall not be allowed. Likewise,engagement in real estate transaction as a broker or appraiseris inappropriate. Preparation of income tax returns for entitieswith commercial business with Quedancor is likewise notallowed;

QUEDANCOR'S CODE OF CONDUCT

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g. give improper business related assistance such as preparationof feasibility study and/or render consultancy services for aproject to be financed or guaranteed by Quedancor;

h. use Quedancor letterhead and properties for any personal ornon-business purpose;

i. carry out or order supervised employees to carry out personalbusiness within Quedancor premises during official time. Suchmay only be conducted during break time or before and afterofficial working time;

j. allow any of his/her immediate family to purchase anyQuedancor property under execution or foreclosure salewithout first seeking the approval of top management. Onlythen, can he be allowed to submit a bid which along with allother bids will be considered equally in determining thehighest bid. Employees of the department responsible forselling foreclosed property cannot however, participate in thesale. Also, items can be sold only upon signing of anagreement that they are for personal use and not for resale;

k. compete or prepare to compete with Quedancor 's main line ofbusiness while still employed in the office.

a. Quedancor strictly prohibits acceptance of gratuities,extraordinary commissions or any form of payment fromclients, suppliers or partner agencies such as banks, bondingor insurance companies in exchange for a favorable treatmentor consideration.

b. Accepting and giving of gifts, meals, refreshments, travelarrangements, accommodations including entertainmentservices or activities are not allowed.

4.2. Gifts, Bribes, Commissions and Kickbacks

QUEDANCOR'S CODE OF CONDUCT

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c. Borrowings from clients, prospective clients, andvendors/suppliers are strictly prohibited. Lending yourpersonal funds to them is likewise not allowed.

d. Soliciting and accepting anything of value from anyone inexchange for any business, service, confidential or proprietaryinformation of Quedancor is also prohibited.

e. Gifts or favors based on obvious family or personalrelationships, the motive of which does not in anyway involveQuedancor;

f. Promotional material or token gifts of nominal value such aspens, pencils, note pads, key chains calendars and similaritems. A gift shall be considered nominal if it has a value ofthree hundred pesos (P300) more or less, on a pergiver/recipient basis. Gifts and/or benefits valued at twothousand pesos (P2,000) or more, including amount of token/gifts of nominal value with an aggregate amount of twothousand pesos (P2,000) or more must be disclosed andrecorded in a Registry Book provided for the purpose and keptin the custody of the MRD at the central office and adesignated officer at the field offices;

g. Discounts or rebates that do not exceed those available toother clients;

h. Plaques, awards, certificates, souvenirs or other tokens ofappreciation provided that such may not reasonably beperceived as intended to influence the officials/employees intheir official functions;

i. Gifts of reasonable value not exceeding P300.00, that arerelated to commonly recognized events such as birthday,wedding, Christmas;

Employees may however accept the following:


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j. Emergency contributions/assistance from fellow Quedancorofficials and employees in cases of deaths, illness and similarsituations.

a. Quedancor prohibits employees from taking and workingunder the influence of drugs or any alcohol, on and offQuedancor premises during working hours, including breaksand lunch periods as these create a variety of problems in theworkplace. Quedancor drivers or anyone authorized for thepurpose is prohibited from driving company owned vehicleswhile under the influence of drugs, alcohol or any medicationthat may impair safety.

b. To the extent permitted by law, Quedancor reserves the right totest employees on the use of illegal drugs or any controlledsubstances. An employee who refuses to be tested will beproperly sanctioned.

c. While on company premises or conducting official business,any employee can be subjected to search and surveillanceanytime at the sole discretion of the top management withoutneed for prior notification.

d. Any conviction for criminal drug violation must be reported totop management within 5 days of such conviction.

e. An employee who is suffering from ailments resulting fromsubstance abuse will need to go on leave for rehabilitation andtreatment and can only report for work after he has beencertified by a licensed physician to be fit for work.

4.3. Substance Abuse

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QUEDANCOR CODE OF CONDUCTQUEDANCOR CODE OF CONDUCT

4.4. Protection of Assets and Information

4.5. Accounting Books and Records

a. Any proprietary information on Quedancor and its client,computer generated or otherwise, is the property ofQuedancor and is to be used only for legitimate businesspurposes. Unathorized access, malicious destruction orerasure of such information, is illegal and considered as acriminal act and may result to termination of employment.Business records are to be properly protected and maintainedfor specific periods as specified in the Quedancor RecordsRetention Policy. Records may be destroyed at the expiration ofits specified period of retention. However, documentsinvolved in a pending or threatened litigation, governmentinquiry or subpoena or other request should not be discardedregardless of its retention expiration period.

b. All employees must protect and ensure the efficient andlegitimate use of Quedancor property and assets.

c. An employee must not:

i. Steal, embezzle or misappropriate money, funds oranything of value from Quedancor;

ii. Use Quedancor assets for personal gain or advantage; oriii. Remove Quedancor properties and assets from its official

location unless proper approval from the authorities hasbeen obtained.

All officers and employees shall comply with the company'sestablished accounting rules and controls such that all underlyingtransactions are properly recorded, documented and reported. Allassets and liabilities of Quedancor must be properly recorded in theregular books of account. There shall be no undisclosed, unrecorded,


10

false fund or assets, established in any amount for any purpose. Nopayment shall be made, nor purchase price agreed to, with theintention or understanding that any part of such payment shall beused for any purpose other than what was described in the documentssupporting such payment. Unallowed cost and expenses shall beknowingly charged, and must not be concealed or misrepresented.Erroneous charges shall be corrected immediately.

In addition, all concerned staff has the responsibility topromote the full, fair, accurate, reliable and timely disclosure ofQuedancor's financial status to appropriate government bodies and inpublic communications made.

All officers and employees must cooperate candidly andhonestly with any internal or external investigation or audit or anyregulatory examination. An employee must immediately inform hisimmediate supervisor if he is the subject of an external investigationunless prohibited from doing so.

As public servants, Quedancor employees are subject to publicscrutiny in the handling of their financial affairs and it is theirobligation to manage it well, to reflect positively on one's integrity orQuedancor's public image.

a. Each employee shall not personally borrow from or lendmoney to corporate suppliers/vendors and clients.

b. Business expenses may only be allowed if they are inaccordance with accounting and auditing rules. Personal fundsused for legitimate purposes shall be reimbursed accordingly

4.6. Duty to Cooperate

4.7. Financial Responsibility


11

but false claims shall be considered theft of Quedancor funds.A supervisor who knowingly approves such shall be consideredan accomplice to the theft.

c. Each employee must provide true and accurate informationwhen claiming for monetary benefits and intentional violationis considered a dishonest act.

d. Top management may approve expenses for special functionssuch as Quedancor anniversary celebration, Christmas parties,dinner or luncheon for business purposes but under nocircumstances can entertainment expenses be made forfellow officers and employees in the course of normalbusiness other than as stated.

e. Some official transactions provide opportunity for anemployee to earn bonus or commission. Such may be allowedonly if there is strict adherence to guidelines specified for thepurpose, including accurate reporting. Submission of falsereports is considered theft of Quedancor funds.

f. Personal commissions or fees for any transactions on behalf ofQuedancor may not be accepted unless specificallyauthorized.

g. Granting of loans to members of the governing board, officersand employees shall be subjected to applicable rules andregulations.

All employees are expected to deal fairly with Quedancorclients, suppliers and other co-employees in the following manner:

a. Should not take unfair advantage of anyone throughmanipulation, concealment, abuse of privileged information,misrepresentation of facts or any unfair practice;

4.8. Fair Dealing


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b. Must not give or accept bribes, kickbacks, promises or anypreferential extension of credit;

c. Must follow the set standards on awarding of contracts andcommitments and not on favoritism;

d. Must not collide with interested parties to gain favor oradvantage in Quedancor transactions;

e. Must not collide with Quedancor's clients to access or to divertcredit facilities for unauthorized purposes, shall beconsidered as an abuse of trust and authority;

f. Must not compete with the agency or use corporate property,information or one's position in depriving Quedancor of anyopportunity. Taking away of an opportunity that belongs toQuedancor or helping others do so if they are in a position todivert corporate opportunity for their own benefit is not fair tothe Corporation.

Political contributions in any form using Quedancor resourcesdirectly or indirectly are not legally permitted.

An employee must not falsify any information on Quedancor,client or third party records. Likewise employees and officersconcerned have the ultimate responsibility to ascertain and verify withdue diligence all information and records that they certify speciallyclient records and data presented for availing Quedancor creditfacilities to safeguard corporate interest.

4.9. Contributions

4.10. Covering Up Mistakes/Falsification of Records


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Mistakes, upon discovery, shall be immediately disclosed andcorrected rather than covered up.

Pre-employment background screening is essential while agraduated level of screening or review must be developed dependingon the position and responsibilities of the subject employee.Recommending for employment or accepting a person known to beof bad character or doubtful integrity must not be practiced. Suitablereferences for new employees, shall be secured and countercheckedwhile updating of background checks for positions of trust, likecashiers, should be made.

Specific rules and procedures are enforced regarding thefollowing and deviations are grounds for consideration in theperformance rating of the employee:

6.1. Attendance and punctuality are expected from all concerned.

6.2. Integrity, honesty, courtesy and professional behavior must beobserved in all dealings with clients, regulators, co-employeesand the public in general.

6.3. Decorum must be observed at all times.

6.4. Prescribed uniform shall be followed for a clear identity and topromote Quedancor's image and values.

6.5. Loyalty to Quedancor is expected from all concerned.

6.6. Assistance to clients and addressing their complaints shall behandled with expediency in accordance with internal rules.

5. Implementing Appropriate Background Checks

6. Observance of Conduct for Employees


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6.7. Actions stemming from written or verbal requests/petitions forofficial actions must be done expeditiously and promptlywithout any discrimination.

Office rules on use and custody of electronic facilities andpersonal computers shall be strictly observed and monitored by allconcerned.

Employees are enjoined to report promptly any knowledge orinformation about employment related conduct of any co-employeeor officer that are reasonably believed to be:

A crime;

A violation of law or regulation; or

A dishonest act, misappropriation of funds or anything of valuefrom Quedancor, improper recording of assets and liabilities.

For the employees' own protection and for the good ofQuedancor, the discovery of the any of the above must be reportedimmediately to the Senior Vice President for Internal Audit, the AuditCommitee or to the Quedancor Hotline at numbers (02) 3739454(temporary)

Quedancor reserves the right to impose correspondingsanctions and/or penalties to anyone who violates this Code which

7. Electronic Facilities and Personal Computers

8. Reporting Certain Conduct

9. Penalties for Breach of the Code of Conduct


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includes dismissal from service without prejudice to further legal,administrative or criminal charges depending on the gravity of theoffense.

10.1. Quedancor intends to enforce the provisions of this Code in aconsistent manner regardless of the employment status of theemployee concerned. Enforcement starts upon the receipt bythe IAS of any violations or alleged violations of the Code.The IAS shall be responsible for receiving such notices. Todetermine whether a violation of this code has occurred, aninitial investigation will be made by the Investigation Divisionand the results of investigation shall be presented to thePresident . In some cases, a supplementary audit will have tobe made and the results of which must be presented to theAudit Committee and the President. The President or theGoverning Board, as applicable, will make the necessaryaction. An appeals process shall be established as provided forin the rules of the Civil Service and the Penal Code.

10.2. The Manpower Resources Division must ensure that eachofficer and employee periodically reviews this Code and sign aStatement of Compliance to certify that each one:

a. reads and understands the policies;

b. is aware that not complying with the policies may resultin disciplinary action including termination ofemployment; and

c. is presently in compliance with the policies.

10. Enforcement

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Ako'y kawani ng gobyerno,

tungkulin ko ang maglingkod ng tapat at mahusay.

Dahil dito, ako'y papasok ng maaga at

mag tatrabaho ng lampas sa takdang oras

kung kinakailangan.

Magsisilbi akong ng magalang at

mabilis sa lahat ng nangangailangan.

Pangangalagaan ko ang mga gamit,

kasangkapan at iba pang pag-aari ng pamahalaan.

Magiging pantay at makatarungan

ang pakikitungo ko sa mga lumalapit sa aming tanggapan.

Magsasalita ako laban sa katiwalian at pagsasamantala.

Hindi ko gagamitin ang aking panunungkulan

sa sarili kong kapakanan.

Hindi ako hihingi o tatanggap ng suhol,

sisikapin kong madagdagan ang aking talino at

kakayahan upang ang antas ng paglilingkod sa bayan

ay patuloy na maitaas.

Sapagkat ako'y isang kawani ng gobyerno at

tungkulin ko ang maglingkod ng tapat at mahusay,

sa bayan ko at sa panahong ito,

ako at ang aking mga kapwa kawani ay

kailangan tungo sa isang maunlad, masagana at

mapayapang pilipinas.

Sa harap ninyong lahat ako'y taos pusong nanunumpa.

PANUNUMPA NG KAWANI NG GOBYERNO

PLEDGE TO PUBLIC SERVICE

I, __________________, do solemnly affirm

that I will adhere to the Corporate Values and

Ethical Norms set by QUEDANCOR; that I will

bear true faith and allegiance to Almighty God,

my beloved Country and the Agency; that I will

execute my tasks in accordance with the

Philippine Constitution and the rules and

regulations of the Philippine Civil Service; that I

shall promote high standard of ethics in public

service and be accountable to the public at all

times; that I shall discharge my duties with

utmost responsibility, honesty, integrity,

competence and loyalty; that I shall act with

patriotism and justice, lead modest lives, and

always uphold public interest over personal

gains.

I shall fulfill all my obligations voluntarily, without

reservation or purpose of evasion.

SO HELP ME GOD.

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Values and Ethics

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