A Philippino lawmaker recently filed a bill to foster sustainable economic and environment development and environment protection. The proposed law is set to institutionalise corporate social responsibility (CSR) in corporate businesses, whether in domestic or foreign partnership and other establishments performing business in the country.
First District Camarines Sur
Representative, Diosdado "Dato" M. Arroyo, was reported to have said that many corporations and other business organizations have
shown very little care for the welfare of society, community where they
operate and the natural environment around them.
He was quoted as saying,
"Their sole purpose is to maximize their respective returns on
investment totally disregarding the impact of their activities on
customers, employees, shareholders, communities and the environment."
Arroyo filed House Bill 6414 or the "Corporate Social Responsibility
Act of 2009" which, if becomes law, will require corporations to observe its CSR or the obligation to consider the interests of society
by taking responsibility for the impact of their activities on
customers, employees, shareholders, communities and the environment in
all aspects of their operations.
Under the bill, companies whether big or small have to come up with
their own CSR programmes and use it as an effective tool in improving
their public relations with concerned stakeholders. Arroyo was reported to have said,
"The State recognizes the vital role of the private sector in nation
building and shall encourage its active participation in fostering
sustainable economic development and environment protection in the
Philippines."
He said the government shall coordinate its various agencies and
non-government organization to work hand in hand for the integration,
promotion, and strengthening of corporate social responsibility in all
business organization.
Under the bill, the Department of Trade and Industry (DTI) in
coordination with the Securities and Exchange Commission (SEC),
Department of Environment and Natural Resources (DENR) and the
Department of Labor and Employment (DOLE) shall promulgate the rules
and regulations and regularly monitor strict compliance.
"In return, businesses which shall comply with the mandate of this
proposed measure shall be entitled to full deductions of expenses
incurred," Arroyo said.
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