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For me philanthropy is not always ethical. We can all agree it is the desire to promote the welfare of others. One common example of philanthropy is donation of money and goods for a good cause. But sometimes people especially those in power, tend to use this as a front. Example: Businessmen or businesswomen usually donate just to promote their own image. Having a good image means more people would want to do business with you making this good for their company. So even though at the end of the day it is beneficial to those people being donated to, being ethical is deeper. It goes down to the root of the action such as intention.

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Philanthropy, at its purest, is ethical, for it practices goodwill to other people, helping them to have better lives.
Although, when it comes to corporate philanthropy, things might get a little darker. Though it's a good thing that those wealthy people in big corporations help those marginalized by funding charities and foundations, some cunning strategist use charities as a strategy, not for the welfare of the people they are "helping" but for the betterment of their company. Businessmen use their charities to advertise or to have a better brand reputation. The charities and foundations can increase favorable opinions and pique the consumers' interest. Moreover, by law, there will be a tax deduction or advantages when a company or any donor donates.
In conclusion, corporate philanthropy nowadays is not that decent for it shows other intentions of the company. I think that for the true philanthropy to be back, companies should fully understand and support their causes.

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Is philanthropy always ethical?

No, it is not always ethical.

Corporate philanthropy is a process by which a corporation puts its resources to dockets of investment in the community. Said dockets are usually related to their business processes and industry to the criticism of people. In defense of this strategies, experts have added that such specialization of these corporations are beneficial in the long run to the communities.

The advantages corporate philanthropy give stem from as initial as educational assistance, loan programs up to corporate sustainability and work tenure for its workers. Indeed, it is not always ethical because some corporations do so with pure self-interest. However, these are the minority because, inasmuch as they are driven by their benefits, the by-product of said processes are worthwhile for the community and definitely better than not to give any contribution at all to the community.

An example of corporate philanthropy is tech companies investing $300 million to STEM education. It may seem selfish that they are only flourishing STEM education to benefit their companies and industry but investing at a good cause is better than investing at nothing at all.

http://www.businessdictionary.com/definition/corporate-philanthropy.htm

https://citizenpolity.com/2010/08/31/defining-corporate-philanthropy/

https://www.bizjournals.com/bizwomen/news/latest-news/2017/09/major-tech-companies-pledge-300m-to-stem-education.html?page=al

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It depends on who is on the receiving end and why. On one side yes it is ethical to give for the sake of the community and its people, just because of charity and nothing more. On the other side its on long term gain and uplift on the company or persons name.