QUEZON City – At a time when every Juan has become increasingly vigilant about where his taxes go, it’s reassuring to know that through CFC Answering the Cry of the Poor (ANCOP) Foundation, Inc., an accredited donee instution since 2011, people can get a tax deduction by donating to any of its programs.
“Aside from being able to help out in the education of less privileged children, donors will be able to avail of 100% tax credits. It is a worthy contribution to building a better future for our nation,” explained ANCOP President Leo Labrador in an interview.
Legal basis of tax deductions via charity work
According to section 34 of the National Internal Revenue Code of 1997 (NIRC), “charitable contributions or gifts actually paid or made to certain donee institutions may be deducted from gross income in computing taxable income, subject to conditions.”
Not all foundations or NGOs are created equal, and ANCOP is one of the more well-established donee institutions being registered with the following bodies:
- Board of Investments
- Department of Social Welfare and Development
- Philippine Council for NGO Certification
- National Privacy Commission – Data Protection Office
- Securities and Exchange Commission
- Not to mention its being one of only a handful of ISO-certified foundations and NGOs in the Philippines.
‘Seal of good governance’
According to ANCOP Senior Operations Manager Efren Tompong, enjoying donee institution status “serves as a seal of legitimacy and good governance, recognized by the government and the NGO community.”
The benefits of such an accreditation goes two ways, he added: “This recognition not only validates our commitment to our mission but also opens doors to various benefits, including tax exemptions for donors and eligibility for certain funding opportunities.”
Tompong notes that this privilege is something ANCOP takes great pains to safeguard as its mission—and along with it, its administrative, fiscal, and logistical needs—expands.
“CFC ANCOP espouses and demonstrates effective and efficient financial management, accountable to its donors and compliant with financial reports required by the government, Donors, and other stakeholders,” he explained.
Why corporate social responsibility?
Meanwhile, Labrador also noted how this donee status encourages partnerships with the business sector, saying, “Corporate social responsibility is an essential element to an organization as it expands and seeks to contribute to the common good of a nation.”
According to him, CSR is “exercise of good corporate stewardship”, which develops the character and good citizenship of the employees who actively participate in this activity.
He said, “Employees become more mindful and understanding of others who are less privileged. They will value their jobs more, seeing the plight of others.”
And ANCOP’s donee institution status facilitates exactly that.
With ANCOP’s growing number of corporate partners, tying up with the business community remains a key strategy for ANCOP’s growth and sustainability moving forward.
All donors, both corporate and individual, may avail of ANCOP’s tax exemption/deduction certificates, starting with a minimum donation of Php 5,000.
