HB01198: AN ACT ENCOURAGING CORPORATE SOCIAL RESPONSIBILITY, PROVIDING INCENTIVES THEREFORE, AND FOR OTHER PURPOSES
House Bill No. 1198, or the "Corporate Social Responsibility Act of 2019," aims to institutionalize corporate social responsibility (CSR) among all business organizations operating in the Philippines, whether domestic or foreign. The bill encourages businesses to behave ethically and contribute to sustainable economic and environmental development by engaging in activities such as charitable programs, scientific research, youth and sports development, environmental sustainability, and disaster relief. In return, businesses complying with this mandate would be entitled to full deductions of the expenses incurred for CSR activities and allow for the retention of surplus profits for CSR projects.
The significance of this bill for the Filipino people lies in its potential to leverage the private sector's resources and influence for broader societal benefit. By incentivizing CSR, the bill seeks to foster a more responsible and community-oriented business environment, leading to improved social welfare, enhanced environmental protection, and greater support for various community initiatives. This measure acknowledges that businesses have a role beyond profit maximization and can be crucial partners in nation-building, directly impacting the quality of life in communities where they operate.