More Filipino businesses disclosing CSR practices

Posted on December 24, 2013

MORE FILIPINO companies are including corporate social responsibility (CSR) and sustainability information in their financial reports than in Southeast Asia and the rest of the world, according to a report by global professional services firm Grant Thornton International Ltd.

According to a statement released by Punongbayan & Araullo (P&A), the Philippine member firm of Grant Thornton International, the latest results of the International Business Report showed that 60% of businesses in the country now issue CSR and sustainability reports.

The result from the Philippines was higher than the global average of 31% and the average in Southeast Asia which was 47%.

A total of 3,300 businesses worldwide were surveyed in August and September of this year. Of that number, 150 Filipino firms were included. Indonesia, Malaysia, Singapore, Thailand and Vietnam were also surveyed from the region.

"As CSR and sustainability become more and more important concerns not just for businesses but for the general public as well, we expect to see more companies adopting this best practice of reporting their initiatives," Ma. Victoria C. Españo, chair and chief executive officer of P&A, said in the statement.

"This is particularly relevant now, as we see an outpouring of support and relief efforts on the part of the business community in the aftermath of typhoon Yolanda. It’s heartening to see that these companies have funds readily earmarked for calamities such as this. It shows that more and more businesses recognize the importance of looking out for the well-being of the communities they operate in or market to," she added.

The private sector swiftly came to the aid of the Visayas after it was devastated by typhoon Yolanda (international name: Haiyan) last month. Businesses collected donations and even lent their facilities to help boost relief operations after more than 6,000 people were killed and 16 million more were affected by the disaster.

"Nowadays, it’s par for the course for businesses to institutionalize their CSR and sustainability activities. So it only makes sense to inform stakeholders of these efforts. It doesn’t only make for good PR; it gives the public a better picture of what a company is all about and how it creates value as it grows," Ms. Españo said. -- Daryll Edisonn D. Saclag