Philippines 9th best market for women entrepreneurs — report

MANILA, Philippines — The Philippines has been named as one of the top 10 markets with the strongest supporting conditions and opportunities for women to thrive as entrepreneurs.

According to Mastercard Index of Women Entrepreneurs, entrepreneurship is seen as a ticket to opportunity for women in markets like the Philippines, which snatched the ninth spot out of 57 economies tracked by the report.

The Philippines’ 68.0 score showed that there’s no direct correlation between women’s advancement as entrepreneurs and the wealth and level of development of their economies, Mastercard said.

“Although supporting conditions for entrepreneurs in these markets are not as conducive, they have a strong representation of female business leaders, professionals and technical workers,” the world's second-biggest payments network said in its report.

These countries also have “a vibrant local entrepreneurship landscape, and high regard for the status of successful entrepreneurs,” it added.

“Overall, the index indicates that budding and established women entrepreneurs around the world continue to progress despite gender-related cultural biases that can create significant roadblocks hindering them from advancing their businesses.”

New Zealand (74.2) was ranked first in the index, followed by Sweden (71.3), Canada (70.9), the United States (70.8), Singapore (69.2), Portugal (69.1), Australia (68.9) and Belgium (68.7).

At the 10th spot was the United Kingdom with a score of 67.9.

“Women entrepreneurs have made remarkable strides as business owners around the world, even as they work to achieve their full potential,” said Martina Hund-Mejean, Mastercard’s chief financial officer.

“We believe that by drawing attention to their efforts, we can further support and empower women in their drive to run successful businesses and lead richer, more fulfilling lives,” Hund-Mejean added.