Businesses urged to go beyond charity works | ABS-CBN
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Businesses urged to go beyond charity works
MANILA — Philippine companies are urged to do more beyond charity works or corporate social responsibility efforts.
MANILA — Philippine companies are urged to do more beyond charity works or corporate social responsibility efforts.
The Management Association of the Philippines (MAP) held a "Shared Prosperity" summit where some businesses signed a covenant for pushing for shared prosperity. This endeavor is for companies to integrate helping society with business operations.
The Management Association of the Philippines (MAP) held a "Shared Prosperity" summit where some businesses signed a covenant for pushing for shared prosperity. This endeavor is for companies to integrate helping society with business operations.
“We need to respond to the reality of the heightened economic inequality and the adverse long term effects in our country… Encourage our member companies toward shared economic prosperity for all environment and climate action and principled business practices and governance,” said Rene Almendras, President of MAP.
“We need to respond to the reality of the heightened economic inequality and the adverse long term effects in our country… Encourage our member companies toward shared economic prosperity for all environment and climate action and principled business practices and governance,” said Rene Almendras, President of MAP.
While charitable efforts, like giving relief goods, are welcome, speakers at the summit said businesses have a much bigger role to play if they use their expertise to help a particular sector or group, while also ensuring that businesses remain profitable.
While charitable efforts, like giving relief goods, are welcome, speakers at the summit said businesses have a much bigger role to play if they use their expertise to help a particular sector or group, while also ensuring that businesses remain profitable.
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Author and professor Robert Klitgaard cited a global company which not only got its supplies from farmers, but trained farmers on how to improve their farming methods. This led to better quality supplies for the company, while farmers also earned more. Another example he shared is a company that supported its supply chain through trainings and other programs, which also led these suppliers to support the company even more.
Author and professor Robert Klitgaard cited a global company which not only got its supplies from farmers, but trained farmers on how to improve their farming methods. This led to better quality supplies for the company, while farmers also earned more. Another example he shared is a company that supported its supply chain through trainings and other programs, which also led these suppliers to support the company even more.
“Shared value goes beyond philanthropy… It calls on us to be more than simply run a profitable business. It challenges us to build a society where prosperity is shared and inequality is reduced, and the environment is protected,” said Klitgaard.
“Shared value goes beyond philanthropy… It calls on us to be more than simply run a profitable business. It challenges us to build a society where prosperity is shared and inequality is reduced, and the environment is protected,” said Klitgaard.
Shared prosperity, speakers at the summit said, also includes investing more in employees and protecting the environment. By doing so, this will also lead to thriving citizens which will also help the companies in the long run.
Shared prosperity, speakers at the summit said, also includes investing more in employees and protecting the environment. By doing so, this will also lead to thriving citizens which will also help the companies in the long run.
“Failing to live up to this commitment does not just hurt your society in a sense of opportunity cost, but also affects your bottomline in the long term. Companies that neglect their social responsibilities risk losing consumer trust, face stricter regulations, not being able to recruit young workers,” Klitgaard added.
“Failing to live up to this commitment does not just hurt your society in a sense of opportunity cost, but also affects your bottomline in the long term. Companies that neglect their social responsibilities risk losing consumer trust, face stricter regulations, not being able to recruit young workers,” Klitgaard added.
Phinma Chairman Ramon del Rosario Jr said businesses must do more than just charity works or simply follow sustainability efforts. These must all be integrated into the business model.
Phinma Chairman Ramon del Rosario Jr said businesses must do more than just charity works or simply follow sustainability efforts. These must all be integrated into the business model.
“Integrate shared prosperity into your core business goals. Identify basic societal problems that remain insufficiently addressed- homelessness, hunger, inadequate healthcare to name just a few. Then collaborate within your industries to share best practices,” del Rosario said.
“Integrate shared prosperity into your core business goals. Identify basic societal problems that remain insufficiently addressed- homelessness, hunger, inadequate healthcare to name just a few. Then collaborate within your industries to share best practices,” del Rosario said.
Speakers said that government still has to lead the path to lifting the country out of poverty through reforms and regulations. But they also believed that the private sector can contribute significantly to that growth to benefit all the people.
Speakers said that government still has to lead the path to lifting the country out of poverty through reforms and regulations. But they also believed that the private sector can contribute significantly to that growth to benefit all the people.
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