Govt will encourage, support and incentivize the business sector: Tarin

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Adviser to the Prime Minister on Finance & Revenue, Mr. Shaukat Tarin, while addressing the 14th Corporate Philanthropy Awards 2019-20 held by the Pakistan Centre for Philanthropy (PCP), said the government will encourage, support and incentivize the business sector to augment its philanthropic investments to supplement government’s endeavors to tackle social and economic issues of the country.

The ceremony was attended by Chairman PCP Board of Directors, Zafar A. Khan, Chair PCP Research Committee, Dr. Attiya Inayatullah, Executive Director PCP, Shazia Maqsood Amjad, representatives of renowned corporate firms and people from various civil society organizations.

While sharing the findings of the survey, Executive Director PCP, Shazia Maqsood Amjad, highlighted that the corporate sector contributed a sum of PKR 16.45 billion as philanthropic donations during the financial year 2019-20. Of the total volume.

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Public listed companies (PLCs) have donated PKR 11.35 billion, showing an increase by 25% from previous year and the share of top 25 giving PLCs is 82% of total donations.

The contribution from a select sample of public unlisted (PUCs) and private companies (PvLCs) is estimated at PKR 2.1 billion and PKR 3 billion, respectively that were spent on welfare projects.

The Adviser to the Prime Minister distributed awards among the top three giving companies on two yardsticks i.e., (i) absolute amount of giving; and (ii) donation as a percentage of Profit before Tax (PBT) including Pakistan Petroleum Limited, Oil & Gas Development Company Limited, Dawood Hercules Cooperation, Askari Cement Limited, Yunus Textile Mills Limited, Liberty Mills Limited, Barrett Hodgson Pakistan (Pvt) Ltd, Bahria Town, Hilton Pharma Ltd, TPL Insurance Ltd, Elahi Cotton Mills, Tata Textile Mills, Resham Textile Industries Ltd, Fast Cables Ltd, Pakistan House International, Anjum Textile Mills, Hilton Pharma Ltd and Dawood Engineering (Pvt) Ltd.

In his address, Chairman PCP Board of Directors, Zaffar A. Khan, said that corporate philanthropy has a great potential to supplement efforts of the government and civil society for the socio-economic development of the country.

PCP annually conducts corporate philanthropy survey to highlight the good practices of giving by the business community and this report is the 16th in the series to document and recognize valuable contributions of corporate sector towards various social causes.