Aquino: Profit should not be end-all

President Benigno Aquino III. INQUIRER FILE PHOTO

MANILA, Philippines – A “virtuous cycle” where businesses and citizens help each other. That was how President Benigno Aquino III described the idea of social responsibility.

Speaking before 500 businessmen and government officials at the 13^th Asian Forum on Social Responsibility held in Makati Shangri-La Hotel, Aquino emphasized the importance of investing in people to have inclusive progress and economic growth.

“In the older days profit was the end-all and be-all,” he said, adding that businesses were usually isolated from the community.

But companies “cannot be divorced from the growth of the communities they find themselves in,” he added.

Aquino also recalled that his first job was with the Philippine Business for Social Progress, a corporate-led social development foundation.

He said much has changed since then when the singular motivation of businesses was profit.

“Today the paradigm shift is clear,” he said, adding that many companies are now interested in minimizing their impact on the environment by minimizing waste and maintaining the sustainability of resources.

“When I see corporations focused on social responsibility I see kindred spirits,” Aquino said.

Among the awardees presented during the program were DOW Chemical Thailand (environmental excellence), Jollibee Group Foundation (poverty alleviation and education improvement), PT Unilever Indonesia (health enhancement), Valsad District Cooperative Milk Producer (CSR Impact Award) and the Magsaysay Maritime Corporation (Intel-Asian Institute of Management Corporate Responsibility Award).

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