Achieving gender parity could add $40-billion to Philippine economy

MANILA, Philippines — Closing gender gaps in the Philippines by giving lower-income women more opportunities could add $40 billion a year to the country’s economy by 2025, McKinsey Global Institute said in a report.

According to McKinsey, the Philippines is the nearest country in the world to gender parity. It is also Asia Pacific’s best performer in terms of gender equality in work, allowing women to participate in professional and technical jobs, as well as play leadership roles.

But McKinsey stressed that the standing of women in the Philippines still heavily depends on their income level, saying less wealthy women continue to have inadequate career opportunities while the educated ones enjoy higher representation and equal pay.

McKinsey also said there should be employment programs and childcare options targeting young mothers

Another priority is to increase women’s access to finance.

“Only 15 percent of board members are women, signalling that there is some way to go before parity,” McKinsey said.

On gender equality in society, the Philippines is the most advanced on education and financial inclusion, and near best in the region on sex ratio at birth and child marriage.

The Southeast Asian country is also above average on legal protection of women and in giving them freedom to express their political voice.

McKinsey’s report came on the heels of the Philippine Supreme Court’s unprecedented move to oust Maria Lourdes Sereno, the country’s first female chief justice that President Rodrigo Duterte called his “enemy” who must be unseated.

Duterte also said he will not appoint a woman to replace Sereno and Ombudsman Conchita Carpio-Morales, another outspoken critic of the administration.