FORMER rotary governor and Occidental Mindoro Rep. Leody "Odie" Tarriela submitted a bill that aims to promote and incentivize corporate social responsibility (CSR), which calls on businesses to include social and environmental concerns into their operational processes.
There are businesses in the Philippines that have created initiatives for certain communities. These programs can include charity, youth and sports development, cultural, educational, social welfare, environmental sustainability, health improvement, disaster relief and support, and other social activities.
"As district governor for Rotary International for many years, I saw how my fellow Rotarians desired to serve their fellow citizens alongside other businessmen and corporate executives. Some companies begin feeding programs, blood drives, tree-planting campaigns, or even adopting animals that are on the verge of extinction, like the Tamaraw. There are large-scale programs and smaller-scale efforts," Tarriela said.
"There would be more individuals willing to assist the less fortunate families and communities if there were a law that provided incentives to the corporations who are promoting CSR," he added.
Companies may set aside excess earnings equal to or greater than 100 percent of their paid-in capital stock for CSR initiatives under House Bill 3627. Unique and top-notch CSR programs will also receive recognition and incentives.
"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," Tarriela said.
"They will be encouraged to actively participate in fostering sustainable economic development and environmental protection for the country," he concluded.