Celebrating Filipino women entrepreneurs
The immense impact of women on the economy, whether globally, regionally, or locally, is a constant source of inspiration. Especially notable are the Filipino women entrepreneurs, whose endeavors vividly demonstrate the economic wisdom in investing in women.
Various studies, including research conducted by the Boston Consulting Group, highlight the remarkable returns yielded by women-owned businesses. For every dollar invested, these enterprises generate an impressive 78 cents in revenue, far surpassing the 31 cents generated by businesses owned by men. Similarly, findings from Credit Suisse underscore the financial benefits of gender diversity, with investors in companies prioritizing gender equality enjoying excess returns averaging 3.5 percent.
Zooming into the regional context, the Asia-Pacific region stands to gain substantially by addressing gender disparities. Estimates suggest that eliminating such inequalities could inject a staggering $4.5 trillion into the region’s annual GDP by 2025, constituting a significant 12 percent increase compared to a scenario with no intervention.
Within the Philippines, recent assessments by the World Bank paint a positive picture of the country’s strides in gender equality. Garnering the 17th spot in the Global Gender Gap Report, the Philippines is believed to be a standout performer, not only in the East Asia and Pacific region, but also on a global scale. Notably, this achievement reflects Filipino women’s commendable progress in areas like education, political empowerment, and economic participation, as highlighted by the University of Sydney.
A study conducted by Dr. Sandra Seno-Alday and Kate Bourne further underscores the potential of Filipino women in the workforce. Despite significant nonparticipation among women of working age, particularly in the informal sector, there exists a promising opportunity to integrate these women into the formal economy through small and medium enterprises (SMEs). Moreover, evidence suggests that women-led SMEs tend to prioritize female employment, indicating a potential avenue for boosting women’s paid employment rates.However, the journey from microenterprises to larger-scale businesses necessitates substantial resources, both managerial and financial. This underscores the pivotal role of women’s business organizations in providing crucial support to Filipino women entrepreneurs. These organizations play a vital role in nurturing courage, vision, and resilience among women, enabling them to overcome barriers, navigate challenges, and ultimately realize their entrepreneurial aspirations.
Indeed, initiatives brought about by women organizations such as Spark! Philippines and the Philippine Women’s Economic Network, serve as beacons of empowerment, inspiring and equipping Filipino women entrepreneurs to thrive in an increasingly competitive business landscape.
Beyond the economic realm, the impact of Filipino women entrepreneurs also transcends sociocultural spheres aspiring future generations of women to pursue their dreams fearlessly. By breaking stereotypes and challenging traditional gender roles, these trailblazers pave the way for a more inclusive and equitable society.In recognizing and celebrating the achievements of Filipino women entrepreneurs, it is essential to acknowledge the systemic barriers and inequalities that persist. Despite the progress made in recent years, women continue to face disproportionate challenges in accessing resources, networks, and opportunities compared to their male counterparts.
Addressing these disparities require a multifaceted approach, encompassing policy reforms, institutional support, and cultural shifts. Governments, businesses, and civil society organizations must collaborate to create an enabling environment that empowers women to fully participate in the economy and realize their entrepreneurial potential.
Efforts to promote gender diversity and inclusion in entrepreneurship must be intersectional, taking into account the diverse experiences and identities of women across different socioeconomic backgrounds, ethnicities, and geographic locations.
In conclusion, Filipino women entrepreneurs are catalysts for economic growth, social change, and innovation in the Philippines and beyond. Their resilience, creativity, and leadership exemplify the transformative power of entrepreneurship in driving sustainable development and advancing gender equality. By supporting and investing in women entrepreneurs, we can unlock their full potential to build a more prosperous, equitable, and inclusive future for all.
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Imelda Nicolas is president of Spark! Philippines (Samahan ng mga Pilipina Para Sa Reporma at Kaunlaran), an organization that focuses on Women’s Economic Empowerment especially those from the marginalized sector. She is also founding trustee of PhilWEN.
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Women Who Lead is an initiative of PhilWEN.
