1. Gender Equality Australia
2. Women Empowerment Initiatives
3. Investing in Female Entrepreneurs
Australia is boosting its “Investing in Women” program to support local businesses owned or led by women. The program aims to promote workplace gender equality, with significant investments in women-led enterprises. The initiative has already shown positive results, including the establishment of the Philippine Business Coalition for Women Empowerment and training for female farmers, agri-distributors, and teachers. Studies have shown that gender equality initiatives can significantly boost GDP growth, making it a crucial aspect of economic development. With ongoing support from the Australian government and partners, the program continues to champion gender equality for inclusive and sustainable growth.
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Related Story.
Australia Boosts ‘Investing in Women’ Project to Advance Gender Equality
Local businesses owned or led by women are set to receive additional support from Australia as they launch the second phase of the “Investing in Women” (IW) program, which aims to promote workplace gender equality. Australia Deputy Ambassador Moya Collett emphasized the importance of ensuring that women have equal opportunities in the workforce, as it not only benefits individuals but also leads to significant economic and social dividends.
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Since its inception in 2016, the IW program has made significant strides in advocating for gender equality in the workplace. One of its notable achievements includes the establishment of the Philippine Business Coalition for Women Empowerment, which has received investments totaling P199.51 million in 34 women-led and owned small and medium enterprises, along with P624.89 million in private investments.
The coalition has also provided training to over 300 female smallholder farmers, approximately 3,000 female agri-distributors, and 557 female teachers. These initiatives aim to empower women across various sectors and industries, ultimately contributing to the overall economic growth of the Philippines.
In a study conducted by McKinsey & Company in 2018, it was revealed that advancing gender equality in the Philippines could potentially boost GDP growth by up to 7 percent. This underscores the significant impact that empowering women in the workforce can have on the country’s economy.
Australia has invested significantly in businesses owned or led by women, with Collett mentioning a total of 5.3 million dollars in investments and an additional 16.6 million in capital. These investments not only support individual businesses but also contribute to the overall growth of the economy.
Emmeline Aglipay Villar, undersecretary of the Department of Social Welfare and Development (DWSD), highlighted the potential economic benefits of granting women equal opportunities. Citing an estimate by the International Monetary Fund, Villar mentioned that achieving gender equality could lead to an 8 percent increase in GDP, while closing the gender gap entirely could boost GDP by an average of 23 percent.
In line with these efforts, DSWD has implemented a five-year sustainability program called “Sibol,” which aims to support women entrepreneurs through various capacity-building activities and livelihood incentives. The program allows women to form groups of five to 30 members, enabling them to combine livelihood grants for mutual benefit.
Villar noted that in 2023 alone, 113,961 women-led enterprises had benefited from the Sibol program, emphasizing the positive impact of empowering women in the business sector. By championing gender equality and equal access to opportunities, both the Australian government and its partners aim to create a more inclusive and sustainable environment for growth and development.
In conclusion, the ongoing efforts to support women-led businesses and promote gender equality in the workplace are essential steps towards achieving a more inclusive and thriving economy. By investing in women and providing them with equal opportunities, countries like Australia and the Philippines are paving the way for sustainable growth and development.
Sources:
– [Investing in Women Program](https://business.inquirer.net/files/2024/06/727569.jpeg)
– [McKinsey & Company Study](https://opinion.inquirer.net/171745/the-power-of-women-investing-in-women)