Corruption In Business

The Impact of Corruption on Business

Corruption is acknowledged to be one of the greatest problems in the world today. It is the hindrance to the development of international business nowadays. As the Philippine national election is fast approaching, we can always hear from the running candidates especially the presedentiables that their platforms include suppressing or eradicating graft and corruption. This motivated me to choose this subject. This paper seeks to obtain the impact of corruption in doing business in the present day. Political corruption in the Philippines is the biggest problem in the country at the moment. Although the platforms of eradicating corruption focuses on the issue of political corruption this will still have an

Corruption has a strong grip, it cuts across political, economic and social institutions and poses a threat to humanity in general (PRME, 2015). Every year, it is estimated that over one trillion US dollar was paid in bribes and more five percent of global gross domestic product (GDP) is the cost of corruption (World Bank, 2014). The impact of corruption in our society comes in a lot of ways. And the price of corruption is that people can lost their freedom, health or money and sometimes their own lives (Transparency International, 2015). In developing countries corruption is a killer. It is reported that 3.6 million people died every year because of corruption (BBC News World,

But in the year 2015 people starting to take action and took protest on the streets against corruption. This is a strong indication for the government officials that people around the world wanted a transparent and corruption free government (Ugaz, J. 2015). Subsequently, child labor in Bangladesh indicates serious level of government corruption. Child labor is illegal in Bangladesh but government officials can be bribe that means exceptions are made. Child labor is a reality even in our community, people are poor and corrupt government officials can be paid bribes. Human trafficking, child mortality, poor education standards, environment destruction and terrorism are all fuelled by corruption in the government. Corruption is more than just losing public funds but it’s all about the cost of people’s lives. About sixty eight percent of the countries around the globe have a serious corruption problem. There is no single country in the world that is free from corruption. Also in 2015, Brazil has been rocked by the scandal of Petrobras, in which the politician is reported to have taken 2 billion US dollar as bribes, kickbacks and money laundering. Thousands have lost their jobs and over a million people protested on the streets. The expense of corruption is huge and yet too often corrupt leaders enjoy a luxurious life while their people are