Women who run the world

Women in the Philippines are quite fortunate to be enjoying nearly equal status and rights with men, compared to their counterparts elsewhere in the world.

In the Philippines, women are accorded opportunities as men to study, run for a government position, or be at the helm of some of the biggest companies in the country today. Although there are admittedly some pockets where inequality and biases against women exist, the World Economic Forum’s (WEF) Global Gender Gap Report 2018 still ranked the Philippines as the eighth most gender-equal country among the 149 countries it assessed for this study. In Asia alone, the Philippines was said to be the most gender equal.

“The Philippines also rises two spots closing just under 80 percent of its overall gender gap, the highest value for the country ever recorded by the index. It manages to narrow its economic participation and opportunity gender gap due to increases in wage equality for similar work and women’s estimated earned income. The country’s health and survival gender gap remains open for a second year, although its educational attainment gender gap remains fully closed,” WEF said.

But there is another merit to pushing for gender parity. Apart from the obvious, significant benefit for women, advancing equality can also be an economic growth driver, according to a McKinsey Global Institute report last year entitled, “The power of parity: Advancing women’s equality in Asia Pacific.”

“The Philippines could add $40 billion a year to GDP (gross domestic product) by 2025, or 7 percent above business-as-usual GDP, in a best-in-region scenario. Increased participation by women in the labor force accounts for 58 percent of that additional GDP potential, with a further 42 percent coming from a change in the mix of sectors in which women work,” the report stated.

McKinsey Global Institute noted that the Philippines is traditionally a matriarchal and egalitarian society whose government has proactively legislated to close gender gaps.

However, there remains work to be done. The report pointed out that while the Philippines is Asia Pacific’s best performer on women’s participation in professional and technical jobs and on leadership positions, the lower-income women must still confront considerable gender gaps and less opportunity.

Nevertheless, the Philippines is still regarded as the most gender-equal country in Asia in the workplace for well educated and highly skilled women. And indeed, there is more to the phrase “girl power” than what meets the eye.

In the Philippine real estate industry, having women at the helm (or at least hold key posts) has become a common sight nowadays. These women in the C-suite have clearly proven their worth as they have successfully steered their respective companies to further growth and expansion, and have shown their skills in handling the pressures and responsibilities that come with the job.

In celebration of Women’s Month, Inquirer Property will be featuring over the next few weeks some of the country’s best women leaders who have made significant contributions not only to their companies, but to the Philippine economy as well.