Companies have doubled funding for their social responsibility project for the past five years, shelling out the bulk of P18.4 billion to help educate youngsters.

League of Corporate Foundation (LCF) chairman Malou G. Erni yesterday said companies have been noticeably hiking their CSR funding from P7.6 billion between 1997 to 2002 to P18.4 billion in the past five years.

She said that these proved that private companies support CSR even in times of economic difficulties.

"There is no waning of efforts in social development. CSR is here to stay in good times and in bad, " Erni said during the LCF's conference in Makati yesterday.

Of the total amount, education projects was allocated 77 percent; livelihood projects 16 percent; while health, electiricity and water, environment and sustainable development, and disaster aid, accounting for the balance.

Erni said a marked effort to shift from tertiary education specifically on information and communication technology to elementary education has been initiated with LCF's goal to "to raise national achievement levels and increase children's scores in English, Math and Science".

Businesses meanwhile see accurate reporting of financial performance and balance sheet as the prime role of companies in their effort to be good corporate citizens, according to Asian Institute of Management professor Felipe B. Alfonso. Alfonso is the executive director for AIM's RVR Center for Corporate Responsibility.

AIM did a study on corporate citizenship of 100 companies from the 1,902 members of businesses and organizations in the Philippines.

The study found out that five important roles considered by corporations are operating with ethical business, ensuring employee health and safety, protecting consumers, and providing employee benefit.

About 94 percent of those surveyed agrees that corporate citizenship needs to be a priority for companies. Furthermore, another 75 percent said it makes a tangible contribution to the business bottomline.

CSR efforts meanwhile are hampered by lack of resources, lack of support from top management, and lack of appeal from employees, the study also showed.