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SOCIO ECONOMIC ASPECT 40

Socio Economic Aspect

Every business has the primary purpose of obtaining profit
from their economic endeavors. Despite this, they cannot go away
with the fact that they operate in a social environment. This
aspect discusses in sufficient detail the responsibilities and
relationship of the business towards the society within which it
operates.
City of Baguio
Baguio is one among the most populated cities in the
Philippines. Favorable climate and green landscapes make it one
of the most convenient areas for putting up a business and for
finding a job. There is a considerable number of business
ventures in the area which adds up to the progress of the citys
economy.
The funeral home will contribute to the advancement of the
city by providing jobs to its constituents and by contributing
wealth to it. With properly sanitized and well-maintained
facilities, the city would actually benefit from the addition of
a new business in its vicinity.
Government and its Agencies
The government is the backbone of every society. Without its
regulations, businesses would cease to flourish. However, in
order to efficiently impose its regulations it needs funds
which is provided by its constituents.
Putting up a business benefits the government in many ways.
For starters, a business generates income and part of which is
forwarded to the government as tax. As defined in the Benefit-

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Received Theory of taxation, constituents pay tax and the

government use funds from tax to serve and protect their welfare.
More employment within the city may also lessen the
governments allocation on benefits like unemployment benefit.
With more tax revenues, the government may also spend more on
education and health services.
Community
The business will provide counselling sessions to bereaved
families in order to help them cope up with their loss. This will
result in more productive and faster recuperation for grieving
families. It is also a part of the business corporate social
responsibilities to give support to different charities. Through
these, the companys relationship towards the community within
which it operates will be maintained to be amicable.
Employees
Labor is the driving force of every business. They play the
most important role in achieving the objectives of the business.
In recognition for this valuable contribution, the business will
make sure to take good care of its employee. Funeraria de Paraiso
ensures that every employee will be given just wage and adequate
compensation for them to enjoy a good quality of life. They shall
be given security of tenure, as the business will not resort to
predatory five-month contracts. The employees will also be
trained to grow and develop as productive and efficient workers.
They will also be given the right to form a labor union for the
protection of their socio-economic interests within the business
society. The business will promote on-probation employees to
permanent if they contributed six months of highly satisfactory
labor to the firm. Permanent employees should also receive merit

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for loyalty to the business such as discounts on life plans as

well as free life plans in case of long-term loyal employees.
Customers
The business customers will be the sole source of our
earnings. Given that fact, the business will ensure that all
customers will receive fair service from the funeral home. Any
concerns will be dealt with accordingly by the management.
Affordable funeral services will be offered because it is not an
uncommon knowledge that the cost of dying in our country is high.
This will ensure that even middle men or the poor can afford a
proper burial service. However, the business will make sure that
high quality service will be provided during funeral services.
The business will consider the grieving families as their own and
will show that they empathized to each grieving member by means
of offering a safe haven wherein they could overcome grief. One
of the business CSR is to provide counselling to grieving
families in order to speed up their process of recovery from
their loss.
Competitors
In business, competition is inevitable. The business have
seven competitors within the city of Baguio. Among them, St.
Peters and La Funeraria Paz are the major competitors. However,
the business ensures that it will not resort to unethical acts in
order to have an edge over its competitors. False information or
advertisement will not be effectuated. The business will
guarantee fair dealings in its endeavors, in order to maintain a
healthy market competition with its competitors. Healthier
competition will surely result to more reasonable prices and
improved quality of service among competing businesses.

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Suppliers/Vendors
The business needs its suppliers and vendors in order to
meet their demands in terms of economic goods. It will safeguard
the interest of its suppliers or vendors by means of fair
dealings. Liabilities will be settled on time to ensure good
credit relationships. Long term commitments will also be
established given that they also provide high quality goods.
Future Plans
As a part of the community within which it operates
Funeraria de Paraiso plans on conducting activities which are
worthwhile to the community. The priority projects of the
business are the following:

Estimated
Project Cost

Priority

Project Name

Brief Description

Valentines Day
Reminiscence
Program

The said event is the

top priority of the
business. It will be
an annual gathering
during February 14th
wherein bereaved
members gets a chance
to celebrate the
remembrance of their
deceased loved ones.
Tickets will be sold
to participants. Food
and refreshments will
be served. Part of
the proceeds from the
tickets will be
allocated to
charities within the
city of Baguio.

P150,000

Paradise City
Tree Planting
Drive

Baguio is known to be
the Summer Capital of
the Philippines
because of its
delightfully cool
climate and lush
vegetation. As a
member of the
community, the
business will
initiate tree

P150,000

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planting drives in
different areas in
order to preserve the
citys beauty.
3

Another Chance
of Paradise
Community
Outreach

Many orphanages are

found within Baguio.
The business plans on
visiting and offering
ample amounts of
goods to the people
inside these
orphanages. Small
programs will also be
conducted. Lastly,
the business will be
contributing a
portion of its profit
to such
establishments.

P200,000

Table 5. Future Projects and Activities of Funeraria De

Paraiso

Corporate Social Responsibility

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Corporate social responsibility (CSR) programs arose from

the understanding that businesses function as a part of society
the success of each deeply affects the other. The importance of
corporate social responsibility has increased in recent years, in
large part due to the growing influence of millennials.
Economic Responsibilities
Business organization was the basic economic unit in our
society. As such, its principal role was to produce goods and
services that consumers needed and wanted and to make an
acceptable profit in the process. At some point the idea of the
profit motive got transformed into a notion of maximum profits,
and this has been an enduring value ever since. All other
business responsibilities are predicated upon the economic
responsibility of the firm, because without it the others become
moot considerations.
Community. Every company's first responsibility is its economic
responsibility which means a company must attain its objective of
maximizing its profits. The business will produce services that
the community wants and to maximize profit for the owners
consequently contributing to the betterment of the community.
Employees. The business will provide diversity, health and
safety, training and mentoring, employee relations, and wages and
benefits that will sustain the needs of its employees.
Legal Responsibilities
Society has not only sanctioned business to operate
according to the profit motive; at the same time business is
expected to comply with the laws and regulations promulgated by
federal, state, and local governments as the ground rules under
which business must operate. As a partial fulfillment of the
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"social contract" between business and society firms are expected

to pursue their economic missions within the framework of the
law. Legal responsibilities reflect a view of "codified ethics"
in the sense that they embody basic notions of fair operations as
established by our lawmakers. They are depicted as the next layer
on the pyramid to portray their historical development, but they
are appropriately seen as coexisting with economic
responsibilities as fundamental precepts of the free enterprise
system.
Government. Next to ensuring that company is profitable, ensuring
that it obeys all laws is the most important responsibility,
according to the theory of corporate social responsibility.Legal
requirements as established by the government will be duly
accomplished. The business can be expected to fulfill its
economic goals within the statutory requirements and legal
frameworks.
Ethical Responsibilities
Economic and legal responsibilities are the two big
obligations of a company. After a company has met these basic
requirements, a company can concern itself with ethical
responsibilities.
Environment. The activities performed by the business will
promote environmental awareness and its impacts on the living and
non-living systems will be taken into consideration ensuring that
no harm will be caused to further damage the environment.In the
process of the development of its business, Funeraria de Paraiso
is committed to the implementation of pro-active sustainable
activities such as the environmental preservation with full
consciousness of the importance of its Corporate Social
Responsibilities. Environmentally friendly business practices can
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reduce business risk, improve reputation, and drive market

opportunities.
Philanthropic Responsibilities
Philanthropy encompasses those corporate actions that are in
response to societys expectation that businesses be good
corporate citizens. This includes actively engaging in acts or
programs to promote human welfare or goodwill. Examples of
philanthropy include business contributions to financial
resources or executive time, such as contributions to the arts,
education, or the community. A loaned-executive program that
provides leadership for a communitys United Way campaign is one
illustration of philanthropy.
Tribute for Angels. Funeraria de Paraiso provides memorial
service free of charge to the family who lost their little angel.
Lets move forward. Helps the family of the deceased to cope up
with their loss through counselling.
Commemorative gifts to priest. Grants mementoes to parish priest
and church leaders for their act of kindness.

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