KARACHI, April 4 Finance Adviser Shaukat Tarin has said that the global crisis has crippled the economic growth but it provided an opportunity to the corporate sector to consolidate its philanthropy role to help reduce the incidence of poverty.

Speaking as chief guest at the award distribution ceremony for 3rd Pakistan Corporate Philanthropy Awards held at a local hotel on Friday, the adviser said that despite low ranking in the Human Development Index (HDI), Pakistan was among the top philanthropic nations and corporate philanthropy was an example that like people business also cares for underprivileged in the society.

Tarin also lauded the role of Pakistan Centre for Philanthropy (PCP) in effectively channellising philanthropic giving and bridging the gap between multiple-stakeholders including the government, private sector, NPOs and communities for social sector development, says a press release.

He noted that the philanthropic contributions by the corporate entities had increased from Rs228 million in 2000 to Rs1.67 billion in 2007, which needed to be continued.

Later, the adviser gave away awards to Pakistan Petroleum Limited, Oil and Gas Development Co Limited (OGDCL), Pakistan Services Limited, Nestle Pakistan Ltd and Jahangir Siddiqui and Company Ltd as the top five corporate entities based on their volume of donations.

Karam Ceramics, Pakistan Services Limited, Shield Corporation Limited, Bestway Cement Ltd and Gulistan Spinning Mills Ltd received the awards for volume of donations as a percentage of profit before tax, in ranked order, out of a list of top 25 public listed companies.

Certificates of recognition were also awarded to the top 25 corporates in both categories.

Earlier, PCP Board of Directors Chairman Dr Shamsh Kassim-Lakha in his address of welcome briefly informed the participants about the corporate philanthropy report and Give2Pakistan Philanthropy Portal which was launched on the occasion.