Key Findings of the Study include Gender Diversity and Business Sustainability

20 August 2024, Makati City, Philippines — The Philippine Business Coalition for Women Empowerment (PBCWE) today launched the results of the “Census on Women in Leadership Roles in Philippine Publicly Listed Companies” at the Securities and Exchange Commission (SEC) Headquarters. This comprehensive study, conducted in partnership with WR Numero Research (WRN), and supported by Investing in Women and the Philippines Securities and Exchange Commission, highlights the critical role that gender diversity plays in the corporate leadership landscape of the Philippines.

The Census is part of PBCWE’s ongoing advocacy for gender equality, diversity, and women’s economic empowerment (WEE), providing compelling evidence that increased representation of women in key leadership positions leads to improved business performance and sustainability among Philippine Publicly Listed Companies (PLCs).

Key Findings of the Study:

• Glass Ceilings Cracking: The number of women in executive leadership teams (ELTs) has shown a marked increase from 2020 to 2022. Women now comprise 40% of ELTs in Philippine PLCs, with the number of female CEOs also seeing a gradual rise.
• Functional Roles Still Dominate: While there has been progress, many women in ELTs continue to occupy functional or support roles. However, the data indicates an improvement in the representation of women in line or operational roles, which are critical for career advancement to top leadership positions.
• Board Representation Rising: The percentage of women on boards of directors has continued to grow, reaching 21% in 2022, although female CEOs remain underrepresented at just 13%.
• Need for Concrete Gender Tars: Despite some progress, only 2% of large firms and none of the small and medium-sized firms have set specific gender diversity targets.
• Most PLCs have broad diversity policies; however, these need to be complemented by concrete targets in order to be measured and ultimately achieved.

Policy Implications

The Census comes at a crucial time as the SEC revises its guidelines to transition from a “comply-or-explain” approach to a mandatory reporting regime on sustainability and gender data. The SEC’s current reporting template, based on the Global Reporting Initiative (GRI) standards, already mandates the disclosure of gender-related data under various categories, including employee data, benefits, and diversity.

Through these disclosures, the SEC aims to embed gender reporting into the business culture of Philippine PLCs, making it an integral part of their sustainability strategies. The Census reinforces the business case for including gender information in sustainability reporting, ensuring that fair and equitable gender composition and recruitment practices are in place.

Today’s launch event serves as a platform for PBCWE and its partners to showcase regional best practices in promoting women in leadership roles across Southeast Asia through data-driven strategies. Philippine Women’s Economic Network (PhilWEN) Founding Chairperson and President and PBCWE Governing Council Chairperson Ma.Aurora “Boots” Geotina-Garcia expressed her enthusiasm for the study, stating, “The Census on Women in Leadership Roles in Philippine Publicly Listed Companies is more than just a report; it’s a call to action for the Philippine business community to embrace gender equality as a driver of sustainable growth. This study is a vital resource for organizations committed to strengthening gender equality in the workplace.”

The event gathered key stakeholders, including representatives from PBCWE’s member companies, partners, government agencies, and multilateral organizations. The panel discussion following the presentation of the results explored the challenges and opportunities related to gender diversity in leadership within large Philippine companies. Panelists discussed strategies for breaking down barriers, such as ‘glass walls,’ and
shared insights on fostering inclusive leadership teams. The session concluded with a focus on the socio-economic implications of the Census findings, as panelists offered their perspectives on advancing gender equality within their respective industries and beyond. ###

About PBCWE

The Philippine Business Coalition for Women Empowerment (PBCWE) was launched in March 2017 through Investing in Women (IW), an initiative of the Australian Government. In the Philippines, IW has partnered with the Philippine Women’s Economic Network (PhilWEN) to create a business coalition to pursue Gender Equality (GE) in the workplace and Women’s Economic Empowerment (WEE) nationwide. PBCWE is made up of industry-leading businesses that are large employers who will take the appropriate steps to improve gender equality in their own workplaces and to influence businesses, both in their supply chains and other large businesses, and to also become better employers of women. Learn more about our work at www.pbcwe.com.ph or become a member at https://tinyurl.com/PBCWEConnects.

For companies interested in advancing their work on Workplace Gender Equality (WGE), Women’s Economic Empowerment (WEE), and Diversity, Equity, and Inclusion (DEI) with us, register at https://tinyurl.com/PBCWEConnects or reach out to bizdev@pbcwe.com.