The Australian Government and Macquarie Group Foundation support women-led businesses to bounce backNews Stories Press Releases /18 November 2020
The COVID-19 pandemic has spiralled from a public health emergency to a global humanitarian and economic crisis, with women disproportionately affected. In response, Investing in Women launched the Investing in Women RISE Fund–Responsive Interventions Supporting Entrepreneurs–to inject catalytic capital for women-led small and medium enterprises (SMEs) in the South East Asian region. The Fund offsets COVID-19 impacts on women-owned and women-led businesses and provides much needed liquidity in a capital-constrained market.
The Macquarie Group Foundation has joined this initiative and will be investing more than PHP 43 million (or AUD 1.25 million). The Macquarie-Investing in Women RISE Fund was formally launched on 17 November 2020 at a signing ceremony led by the Australian Ambassador to the Philippines, HE Steven J. Robinson AO and Mr. Eric Yaptangco, Division Director, Manila Technology and Office Head, Macquarie Group.
“Women will play a central role in the recovery from COVID-19 and should have an equal part in a more resilient, inclusive, and broad-based Philippine economy. The Macquarie-Investing in Women RISE Fund will support and give a boost to women’s SMEs and help to build back better in the Philippines,” explained Ambassador Robinson AO. “Closing the gap between women’s and men’s access to capital will provide a significant boost to economic growth at a time when it is much needed.”
This public-private alliance will work through two local investing partners: the Foundation for a Sustainable Society Incorporated (FSSI) and InBestCap Ventures (InBest). The Fund will enable these partners to provide much needed investments to women’s SMEs which will have a multiplier effect in the local economy, creating and sustaining more than 200 full-time jobs.
In addition, the investment partners (FSSI and InBest) are committed to strengthening the gender lens investing ecosystem in the Philippines, encouraging other investors to ensure women entrepreneurs can access funding to grow their businesses.
“The Macquarie-Investing in Women RISE Fund will ensure that women entrepreneurs can access the funding required to adapt and respond to emerging business opportunities during the critical recovery period in the region. Working through impact investors, our support will help businesses to restart economic activity in hard-hit areas of the Philippines,” said Lisa George, Global Head, Macquarie Group Foundation.
Watch the video below:
Learn more about the Macquarie Group Foundation COVID-19 Donation Fund.