THE House of Representatives approved on third and final reading House Bill 6137 or the proposed Corporate Social Responsibility Act.
One of the principal authors, Deputy Speaker and 1PACMAN Rep. Mikee Romero expressed gratitude to the support of his colleagues to the measure whose passage he said is very timely as the country continues to be confronted by the dangerous coronavirus disease (COVID-19) pandemic.
The measure seeks to foster sustainable economic development and environmental development protection by encouraging corporations to inculcate the value of social responsibility in community development.
Romero added that the bill encourages private corporations to commit strongly to pursuing social responsibility efforts for the community and society, in general.
HB 6137 won overwhelming support in the Lower House that voted 209 for and 0 against for its third and final reading approval last Wednesday.
It consolidated bills filed by Romero, 1PACMAN Rep. Eri Pineda and Pangasinan Rep. Tyrone Agabas.
Romero and Pineda underscored the significance of passing HB 6137 in the wake of the country’s fight against the COVID 19 pandemic.
The two party-list solons noted that even before Congress could approve the measure, many private corporations have already dedicated huge efforts in helping government address vital needs of Filipinos during the enhanced community quarantine observed in the country.
“Majority, if not all, of the country’s leading corporations have demonstrated sincere social responsibility concern especially by contributing much needed PPE’s (personal protection equipment) for the medical frontliners and by financing testing centers,” Romero said.
Included among the activities are charitable programs and projects, scientific research, youth and sports development, social welfare, disaster relief and assistance, health development and social even socialized and low-cost housing.
The bill allows stock corporations to retain profits in excess of 100 percent of paid-in capital stock to be used for the expansion of corporate social responsibility projects and programs.
Under the bill the Department of Trade and Industry is mandated to “recognize and reward business establishments for outstanding, innovative and world-class CSR-related services, projects and programs.”
On the other hand, local government units are required to extend assistance necessary for business establishments to accomplish CSR programs and projects.