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PBSP eyes inclusive growth model in agribusiness financing

THE Philippine Business for Social Progress (PBSP) is encouraging its member-companies engaged in agribusiness financing to adopt an “inclusive growth” model.

A World Bank paper in 2009 defines inclusive growth as “rapid pace of growth” that is “broad-based across sectors, and inclusive of the large part of the country’s labor force.”

“Inclusive growth refers both to the pace and pattern of growth, which are considered interlinked, and therefore in need to be addressed together,” the World Bank Paper said.

“The private sector needs to reexamine its corporate-social responsibility [CSR] programs and redevelop models for inclusive growth that go beyond corporate philanthropy,” PBSP Executive Director Rafael Lopa said adding that “corporate philanthropy is good but is not enough.”

Lopa issued his statement during the Inclusive Agribusiness Financing Forum his group organized recently.

The PBSP said companies and individuals discussed the financing requirements for agribusiness projects that incorporate inclusive business principles and models into their modes of operations, including the possibility of actual provision for loans and investing in inclusive business projects.

Bali Oil and Kennemer Foods International Inc. were among the attendees of the forum.  “[The] private sector needs to understand that they are now expected by society to play a role that goes beyond the role for which their business was created,” said Ajit Gulbabchand, chairman and managing director of the Hindustan Construction Co. and a co-chairman of the summit.

“They have a transformational role to play,” Gulbabchand said.

Established in 1970, the PBSP claims to be the largest business-led social development organization in the country committed to poverty reduction, with more than 250 large, small- and medium-scale member-companies.

 

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