Despite the COVID-19 pandemic having a disproportionate impact on women entrepreneurs across the world – especially those in the developing economies – women are demonstrating the resilience to succeed against the odds, according to a recent Mastercard study. Women in the Philippines have fared particularly well in making entrepreneurial progress, despite significant social-cultural and infrastructural barriers threatening to impede their growth. Lack of government SME support, poor access to entrepreneurial finances, and a severe lack of education opportunities remain the major constraints to advancing women’s entrepreneurship in the Philippines and Asia’s lower-middle-income economies overall.
Encompassing 65 economies and 82.4% of the global female labor force, the fifth edition of Mastercard’s Index for Women Entrepreneurs (MIWE) examined women’s progress in the global entrepreneurship landscape over the last two years. The findings reveal that despite worldwide efforts to mitigate the pandemic's effects, women have experienced considerable economic and social implications. As a result, the expected time to overcome the worldwide gender gap may be extended by another 36 years.[1]
MIWE’s latest report has also revealed an encouraging trend for women’s entrepreneurship in Southeast Asian economies such as the Philippines, Thailand, Indonesia, and Vietnam. Women in these economies were seen engaging in high levels of entrepreneurship, sometimes at parity with men, even though the environment in which they operate remains entrenched with challenges. Despite the comparatively lower participation of women in the workforce, the Philippines remained a global leader for the third consecutive year when it comes to women’s advancement outcomes and are just as driven by opportunity as women in highly business conducive environments.
The Ranking: top economies for women’s advancement outcomes (Component A)
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