House oks bill encouraging corporate social responsibility
MANILA, Philippines — The House of Representatives on Monday approved on third and final reading a bill that encourages business organizations to engage in corporate social responsibility (CSR) activities.
The lower chamber approved House Bill No. 9061 with 158 affirmative votes and no negative vote or abstention.
The proposed law seeks to allow stock corporations to retain profits in excess of 100 percent of paid-in capital stock to be used for expansion or CSR projects.
According to the bill, CSR efforts include charitable projects, scientific research, youth and sports development, cultural or educational promotion, services to veterans and senior citizens, social welfare, environmental sustainability, health development, disaster relief, specialized and low-cost housing, and employee and worker welfare programs.
The measure also mandates the Department of Trade and Industry to recognize and reward business establishments for outstanding CSR activities. It also asks local government units to extend necessary assistance to businesses conducting CSR efforts.
Read HB 9061 here.
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