This phenomenological study intends to capture and describe Filipino college deans' lived experiences of ethical dilemmas as they carry out their work as administrators. Using semi-structured in-depth interviews and following Collaizzi's method, data was collected and subjected to cool and warm analyses yielding a set of themes and sub-themes that typify what these deans consider to be ethical dilemmas. The resulting "Wheel" of School Leaders' Ethical Dilemmas depicts the nature of the dilemmas faced by these deans, the critical incidents which trigger the onset of the dilemmas, and the value conflicts that are embedded in them. This article intends to add to the growing body of research on ethical decision making in educational management, particularly on the ethical dilemmas faced by Filipino college deans. At a practical level, the findings of this study provide valuable resource to assist practicing and aspiring deans to be more adept in identifying the moral and ethical dimensions of their work as academic administrators. Finally the findings of this study could serve as a knowledge base for curriculum planners in designing ethics courses offered in educational leadership programs in the Philippines to develop academic leaders' competencies and skills in ethical decision making.