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Semirara allots P320M for community projects
SEMIRARA Mining and Power Corporation (SMPC) is increasing its spending on projects for its host communities by 75% this year.
In a disclosure to the stock exchange on Monday, the Consunji-led company said it set aside around P320 million for its host community projects this year, as it aims to reduce poverty and increase development in these communities.
“We expect our CSR (corporate social responsibility) spending to grow by around 75% compared to last year’s P186 million because we are building more community infrastructure and livelihood facilities,” SMPC President and Chief Operating Officer Victor A. Consunji was quoted as saying.
The bulk of the planned expenditure, around P200 million, will be used to build facilities such as evacuation centers, community parks, sea ports, river walks and sports facilities.
Around P65 million will be used to fund environmental stewardship projects, such as the Semirara Biodiversity Center and mangrove area reforestation.
SMPC said the rest of its budget will be used for community nutrition initiatives in Calaca, Batangas.
Source: BusinessWorld Online