MANILA, Philippines – Private companies spent P26.0 billion on social projects in the last decade, most of which were poured into widening the poor’s access to quality primary education, the League of Corporate Foundations (LCF) said Wednesday.

Marilou G. Erni, chairperson of the LCF, said that in 2007 alone, private companies spent P18.4 billion to stem poverty. The amount was more than double the P7.6 billion spent in LCF’s first five years, Erni said.

Erni spoke during a Corporate Social Responsibility (CSR) forum at Makati Shangri-la.

“This shows 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.