HB06137: AN ACT ENCOURAGING CORPORATE SOCIAL RESPONSIBILITY, PROVIDING INCENTIVES THEREFOR
This bill aims to encourage businesses operating in the Philippines, both domestic and foreign, to voluntarily engage in corporate social responsibility (CSR) activities. It broadens the definition of CSR to include a wide range of initiatives such as charitable programs, scientific research, youth and sports development, environmental sustainability, health development, and disaster relief. The bill incentivizes CSR by allowing deductions from unrestricted retained earnings for approved CSR projects and programs.
The significance of this bill lies in its potential to foster a more socially conscious business environment in the Philippines. By formally encouraging CSR and providing incentives, it seeks to mobilize the private sector to contribute more actively to sustainable economic development and societal well-being. The Department of Trade and Industry (DTI) is tasked with recognizing and rewarding outstanding CSR efforts, further promoting these practices among businesses.