CSR initiatives need not suffer during crisis

Tuesday, June 9, 2009

The present global financial crisis has sent a message of alarm to beneficiaries of big companies giving funds for initiatives in community education, environment and entrepreneurship. As the hard times directly or indirectly hit the businesses’ bottom line—actions that may increase/decrease net earnings or company’s overall profit—the chances of drawing funds to sustain these initiatives could subsequently be affected.

Still, this concern, according to League of Corporate Foundations Inc. (LCF)—an umbrella organization of 75 corporate foundations and corporations that advocate Philippine social progress—should not derail what organizations have started.

“There’s no better time to think of CSR [corporate social responsibility] than bleak times,” said Malu Erni, LCF chairman. “It is the most appropriate chance to help people at the base of the pyramid to create opportunities by giving them community tools to manage or start up a business or livelihood.”

Erni listed three strategies that companies may heed if CSR efforts are seriously affecting their major financial means. First is focusing on CSR initiatives based on business objectives.

“Companies such as Figaro, Jollibee and San Miguel, for instance, aligned their efforts to business goals by educating farmers about good agricultural practices which support food production and the latter’s family daily requirements.”

Source: Business Mirror (link opens in a new window)