Private sector can spur inclusive economic growth

The private sector is an integral part in the country’s plan for inclusive growth, according to the League of Corporate Foundations (LCF). LCF is a membership association composed of over 70 corporate foundations and corporations that promotes and enhances the strategic practice of corporate social responsibility (CSR) among its members and the larger business community towards sustained national development.

 

The league is advocating a holistic approach involving several focus areas, namely, arts and culture, health, education, enterprise development, and environment. “In its essence, it is growth that benefits the entire Filipino population, not just a select few, regardless of social status, without leaving anyone behind,” said Augusto Carpio III, chairperson of LCF.

 

Asian Development Bank (ADB) senior country economist Norio Usui says it is crucial to strengthen the country’s industrial base to benefit those with different educational backgrounds. According to Usui, growth can be inclusive if it can create productive jobs, expand access to education and health, and build strong social safety nets. The private sector is therefore key to reducing poverty and helping vulnerable groups because of its resources, network, and their ability to provide jobs.

 

The government plans to address poverty reduction in the 2014 budget, which will focus on inclusive growth. “[The aim is to] increase the certainty of achieving rapid and inclusive growth,” said Budget Secretary Florencio Abad. “[This is] so that it translates into more jobs and livelihood for the people, larger investment inflows, and more significant contribution to poverty reduction.” A budget of P2.27 trillion will be allotted to increase investments in projects that will impact the country’s competitiveness and development.

 

“At the 12th LCF CSR Expo, we will continue our work of engaging all key stakeholders in building the nation. With our economy showing promise, we are at a crucial stage so we must never waver in our drive and commitment to make development a priority for every Filipino,” said Carpio.

 

LCF is committed to inclusive growth through its five committees, which lead awareness-raising and grassroots initiatives. Each committee brings CSR where it is needed most by developing projects that transform the lives of marginalized sectors or communities across the country. Analysis by global economic and business research group Economist Intelligence Unit (EIU) has shown the impact of CSR to the long-term health of companies, becoming a driver of revenue, stability, and shareholder value.

 

The 12th LCF CSR Expo will be held July 4 and 5 at the SMX Convention Center in Pasay City. For more information, visit the expo’s official website at http://lcfcsrexpo.com.