Women mean business

Over the past three years in my role as Australian Ambassador to the Philippines, I have been fortunate to visit 50 of the Philippines’ 81 provinces. From Banaue to Tawi-Tawi, one thing has always fascinated me: the sari-sari store. I have come to know that sari-sari stores are ubiquitous features of Filipino neighborhoods. I learned that they are often run by women – usually mothers – from their homes. These colorful stores capture the spirit of Filipino entrepreneurship. For a visitor like me, the sari-sari store sends a powerful message: women mean business.

As we celebrate National Women’s Month, I pay tribute to millions of Filipino women who continue to drive the country’s recovery. I especially want to shine the spotlight on women entrepreneurs and their critical role in Philippine economy.

Micro, small and medium enterprises (MSMEs) comprise 99.5 percent of all businesses in the Philippines – over half are women-owned. Despite this strong presence, it is estimated that available funding for women entrepreneurs only accounts for three percent of the country’s gross domestic product (GDP). This financing gap is a challenge that we can turn into an opportunity.

Unleashing the potential of women entrepreneurship is a shared priority for both Australia and the Philippines. There is a strong business case for why we need to boost much-needed investments in women entrepreneurs. For one, a 2020 study by the International Trade Center found that Filipino women-led enterprises may be inherently resilient to business shocks; integrating them more with the rest of the economy could make it easier for the country to cope with future crises. For another, investing in women creates a broader multiplier effect as it benefits families, communities and local economies.

I traveled to Davao last week and met inspiring women leading the Bukidnon Pharmaceutical Multipurpose Cooperative. BUPHARCO has 18 branches across Mindanao with nearly 9,000 co-op members, of whom 71 percent are women. BUPHARCO is one of the partners of Australia’s Investing in Women program, which has supported 25 women-led SMEs and created 2,000 jobs nationwide over the past five years.

Through our partnership with the International Finance Corporation, we are also supporting two of the country’s largest microfinance institutions, BanKo and CARD. They have enabled technical support for over 144,000 women-led MSMEs through innovative product development and sound risk management.

Australia is also working to empower grassroots organizations and social enterprises. Through our Innovation for Social Impact Partnership program, women-owned startup Magwayen Organics sold over 3,600 shampoo bars last year, effectively reducing 12,600 units of 100ml plastic shampoo bottles from landfill. Through our Direct Aid Program, we are also supporting skills upgrading for women working in the food industry in Laguna.

These programs would not have been possible without strong support and commitment from our Philippine government counterparts. I have witnessed significant reforms in recent years designed to improve the lives of working women. Legislation such as the 105-day Expanded Maternity Leave law, the Safe Spaces Act and the Telecommuting Act are very welcome developments as we strive for a more gender-equal, inclusive and safe work environment for women.

I am sure everyone will agree with me that gender equality is not only a women’s issue, it is everyone’s issue. That is why we need to involve as many allies as possible. One such ally is Male Champions of Change, a coalition of prominent Filipino business leaders pushing for workplace gender equality in their respective companies. This inclusive leadership helps influence change from the top. To that end, we encourage more male allies in the private sector to step up and help make the changes we know will improve the lives of so many women from all walks of life.

COVID-19 reinforced that gender equality is our generation’s unfinished business. As we emerge from the pandemic, let us make gender equality a part of the better new normal.

Happy National Women’s Month!

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Steven J. Robinson AO is the Australian Ambassador to the Philippines. Follow him on Twitter @AusAmbPH