Community bank champions women’s empowerment through financial inclusion

THE International Monetary Fund reports that raising female participation in the workforce through employment or entrepreneurship can help boost the growth of emerging markets by around 8%. Closing the gender gap makes great economic sense because it allows countries to drive economic growth by maximizing women’s untapped skills and talents.

When BDO Unibank Inc (BDO) adopted the UN Sustainable Development Goals as part of its sustainability framework in 2010, it made driving holistic and sustainable economic growth in the country among its key priorities. This translates to programs that promote social and economic inclusion, which includes making financial products and services more accessible to unbanked segments, especially women, in order to encourage active participation in the financial system.

Leveling the playing field in business

BDO notes an increase in the number of women entrepreneurs who avail of its products to grow their business, particularly for BDO’s community bank, BDO Network Bank (BDONB). In 2022, BDO reported that 66% of its Micro, Small, and Medium Enterprises (MSMEs) clients for BDONB are women-owned.

Karen Cua, Senior Vice President for BDONB who started and built the MSME business for BDO Unibank’s community banking arm, acknowledges that women still face numerous challenges that hinder them from benefiting fully from their hard work and from being recognized for their contributions to their families and communities. “The challenge for many women entrepreneurs is balancing the demands of work and home. While hustling as entrepreneurs, women typically also need to be home managers, their children’s educators, and financial managers for their households. These roles require different mindsets, energy, and skills. Supporting women in doing these roles can help them achieve more without being unnecessarily and overly burdened.”

Apart from her personal experience, Cua’s interaction with BDONB’s women clients allows her to incorporate a gender perspective in designing and implementing initiatives that allow women to manage their personal finances and their entrepreneurial ventures more effectively. “Promoting financial inclusion in the lens of gender equality is more than just distinguishing women’s financial behavior over men’s and making the necessary products or services that match each. We need to actively remove barriers for women that limit their participation in the financial system. Understanding and countering gender disparities make us more effective in making banking more inclusive and empowering.” /