IN this time of the coronavirus disease 2019 (Covid-19) spread, economic recovery is high on everyone’s agenda, as we all look to build back better and support conditions for broad-based and inclusive growth. Investing in women is key to a strong and sustainable recovery.
Australia’s development program in the Philippines has pivoted through its Covid-19 Development Response Plan to address health security, maintain social stability, and stimulate economic recovery—particularly for women and girls.
The Philippines and Australia share a strong commitment to gender equality, and we recognize that women and girls have been disproportionately disadvantaged by the socioeconomic fallout of the pandemic. Experience from past health and economic crises suggests that women’s economic security, participation in formal employment, political representation, as well as health and education outcomes will be negatively impacted even more than those of men. Without significant additional effort, the current contagion will damage gender equality and women’s economic security for years to come, in the Philippines and elsewhere around the globe.
It is imperative then for governments and the private sector to ensure the investments they make to spur economic recovery take into account the different impacts this crisis is having on women and men.
Unlocking growth capital
THE Philippine economy is expected to rebound next year, driven by fiscal stimulus measures, public investments (especially from infrastructure), and consumer spending, but there remain issues regarding liquidity in the capital markets. Efforts are needed to unlock growth capital for economic recovery, especially for women.
Australia’s flagship gender economic-empowerment program, Investing in Women, is providing financial capital to women-led small- and medium-sized enterprises (SMEs) to offset Covid-19 impacts and assist businesses to improve performance through adopting workplace gender-equality strategies. The Macquarie Group Foundation recently joined this initiative to establish the Macquarie-Investing in Women Responsive Interventions Supporting Entrepreneurs, or RISE, Fund.
Robinson, S.J. (2020, November 18). Investing in women: Key to Covid-19 recovery. Business Mirror. Retrieved from https://businessmirror.com.ph/2020/11/18/investing-in-women-key-to-covid-19-recovery/