Investing in women: Key to Covid-19 recovery
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 broadbased 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 dispropor tionately disadvantaged by the socioeconomic fallout of the pandemic. Experience from past health and economic cr ises 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 f lagship gender economic- empowerment program, Investing in Women, is providing financial capital to women- led small- and mediumsized enterprises (SMES) to offset Covid-19 impacts and assist businesses to improve performance through adopt ing 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.
The Macquarie Group Foundation is making a substantial investment to expand the number of women- owned and women- led businesses who can receive funding and grow their businesses. It has a significant presence in the Philippines, and I commend their initiative to provide innovative, philanthropic support to economic recovery here.
Working with local investing partners, the Macquarie- Investing in Women RISE Fund will serve to catalyze much- needed investments into women’s SMES which will have a multiplier effect in the local economy, creating and sustaining more than 200 full- time jobs.
Working with a gender lens
THERE is also an important demonstrative effect from this initiative. Investment partners such as Foundation for a Sustainable Society Inc. and Inbestcap Ventures are committed to strengthening the investing ecosystem in the Philippines, while encouraging other investors to also work with a gender lens.
The Macquarie- Investing in Women RISE Fund is a public- private alliance to unlock additional Australian resources for a stronger recovery in the Philippines. The collaboration of these investing partners with the Australian government is a demonstration of how much more we can achieve by working together.
Australia places a high value on our strong and enduring partnerships. We are pleased to collaborate with the private sector to help the Philippines emerge stronger from this crisis. Investing in women will play a central role in reimagining a new Philippine economy: one that is more resilient, inclusive and broad- based.