A lawmaker is pushing for the passage of a bill encouraging the grant of incentives to Corporate Social Responsibility (CSR) programs initiated by private firms.
In view of the recent Covid-19 pandemic and rising inflation, which hamper the socioeconomic development of the country, Rep. Leody “Odie” Tarriela of the Lone District of Occidental Mindoro said it is now, more than ever, that the government should recognize the vital role of private sectors in contributing to the socioeconomic development of the country.
House Bill 3627 or the Corporate Social Responsibility of 2022 defines CSR as a concept wherein companies integrate social and environmental concerns in their business operations.
In the Philippines, the lawmaker said there are corporations that have organized programs for targeted communities.
“These programs can range from charitable, youth and sports development, cultural, educational, social welfare, environmental sustainability, health development, disaster relief and assistance and other social activities,” said Tarriela, the first Rotarian from Occidental Mindoro to be voted Governor of District 3810 that includes 120 Rotary Clubs from Manila, Pasay and Cavite.
The bill encourages business establishments to create CSR programs by giving incentives to corporations for creation of excellent, unique, and world-class CSR services, projects, and programs.
Furthermore, the bill also provides leeway for stock corporations to retain profits of more than 100 percent of their paid-in capital stock as provisions for expansions or CSR programs.
“As a business organization, corporations are focused on profits first. This can be altered a little with this proposed measure, as businesses may be inspired to also help in nation building. They will be encouraged to actively participate in fostering sustainable economic development and environmental protection for the country,” Tarriela said.
“The private corporation’s initiatives through various programs, projects, and services which address the social issues of the community greatly contribute to the alleviation of poverty, and improvement of the lives of our fellow constituents,” he added.
With the approval of the bill, the lawmaker said, business establishments may be inspired to actively participate in fostering sustainable economic development and environment protection by providing CSR-related programs.
Image credits: House of Representatives/Facebook