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Corporate Social Responsibility and Emergent Models in Management of Stakeholder Capital in Philippine Conglomerates Serafin D. Talisayon
Fifth International Research Workshop on Asian Business Singapore Management University, Singapore 13 April 2009 Abstract
The paper adopts a social benefit-cost analysis framework to look at three stages in the historical development of management of stakeholder capital of corporations in the Philippines. The first two stages were government-driven. Stage One is internalization and moderation of some social costs starting with the Environmental Impact Statement System adopted by the Philippine government under President Marcos in 1981. Stage Two consists of reforms in the political economy started in 1992 by President Ramos to reduce rentier profit-making and regulatory capture by big corporations. Stage Three has been internally driven from within the Philippine corporate sector. It consists of corporations assuming social development roles and generating social benefits through CSR (corporate social responsibility) policies and programs. It gradually developed during the last two decades or after the February 1986 People Power or EDSA Revolution. The CSR in top Philippine corporations, especially among the larger conglomerates, is studied and analyzed to discern patterns meaningful in the context of Philippine economy, society and culture. The issues and challenges are next outlined. Finally, speculative pessimistic and optimistic Stage Four scenarios in Philippine and East Asian contexts, particularly with reference to Chinese-Filipino conglomerates, are drawn up.

A. Introduction
The objectives of this paper are (i) to describe the achievements of, and challenges ahead facing CSR of the Philippine corporate sector with focus on Philippine conglomerates, (ii) to understand how CSR fits into a historical pattern of changes in stakeholder capital management by Philippine corporations, and (iii) to identify patterns in...
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