Philanthropy by the corporate sector in Pakistan went up 33-fold from Rs228 million in 2000 to Rs7.56 billion by 2017.
The Pakistan Center for Philanthropy tracks changes and its study for 2017 was just published in March. The oil and gas sector has given the most money, followed by fertiliser. The most money was spent on quality education (41%) in corporate social responsibility programmess followed by good health and clean water and sanitation.
Around 200 companies spent more than Rs2 billion on philanthropic activities during 2017. Many people around the world say that companies should give one percent of their profit before tax. If companies in Pakistan did this, it could generate Rs11.3 billion for philanthropy compared to the Rs7.5b documented.
Since its inception in 2001, the PCP has been conducting annual surveys of corporate philanthropy in Pakistan. The contribution of the business sector towards social development has been spurred by the concept of corporate philanthropy which itself is a component of corporate social responsibility.
The practice of corporate philanthropy and corporate social responsibility has evolved as it was previously considered an extension of charitable interests of the owners, but today an increasing number of companies are working to incorporate giving in their strategic business models.
In Pakistan, businesses have been adapting the concept of corporate philanthropy and have increasingly contributed towards societal development.
The corporate sector has increased its financial contribution towards societal development in the country. PLCs increased to Rs7.56 billion in 2017 from Rs7.31 in the 2016. On the other hand, 99 out of a sample of 204 PUCs and 84 out of a sample of 208 PvLCs contributed Rs1.03 billion and Rs1.5 billion respectively for social development activities.