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House passes bill creating CSR reporting obligation

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PHILSTAR

THE House of Representatives passed on third and final reading Monday a bill requiring companies to disclose their corporate social responsibility (CSR) activities.

House Bill 9061 received 158 affirmative votes with no negative votes or abstention.

The proposed Corporate Social Responsibility Act requires companies to report their CSR activities as part of their annual and regular reporting to the Securities and Exchange Commission, Department of Trade and Industry (DTI), or the Department of Finace..

The measure defines CSR activities as charitable programs and projects, scientific research, youth and sports development, cultural and educational promotion, services to veterans and senior citizens, social welfare, environmental sustainability, health development, disaster relief and assistance, socialized and low-cost housing, and employee and worker welfare programs.

The law also calls for DTI to reward and recognize business establishment for their CSR-related services.

It also encourages local government units to help organizations in their CSR-related projects or programs. — Vince Angelo C. Ferreras

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