Philippine Business for Social Progress, Inc. or PBSP was registered with the Securities and Exchange Commission (SEC) as a non-stock, non-profit corporation on March 8, 1971. The foundation was founded by 50 Filipino business leaders who pledged to set aside 1% of their companies’ net income before taxes for poverty reduction programs for the country. The organization capitalized on its strength as a corporate-led foundation, and started its unique developmental approach, applying management skills and hardcore business sense in social development. It is both an operating & grant-making organization.
