Based on the research, the Philippines fared well when it came to educating women or introducing them to the workplace. But women representation shrinks closer to the top of the corporate ladder. /Inquirer file photo
The Philippines can add about $40 billion to its domestic economy by 2025 — equivalent to double the current wealth of the country’s richest man, SM group founder Henry Sy – if women were equally treated to men in the workplace.
This is based on a research by global management consulting firm McKinsey & Co. titled “The Power of Parity: Advancing Equality in Asia-Pacific.” which made the case that closing gender parity was one of the biggest opportunities for inclusive growth in the region.
Highlights of the report were presented last week by Kristine Romano, managing partner at McKinsey Philippines in the forum “Womenomics and the Future of Work.”
Based on the research, the Philippines fared well when it came to educating women or introducing them to the workplace. But women representation shrinks closer to the top of the corporate ladder.
The study showed that about 53 percent of women in the Philippines finish college education, while 43 percent manage to join the workforce as entry-level professionals.
Of these, about 33 percent of Filipinas reach senior management. But only 15 percent eventually rise to the level of board members. Finally, only 3 percent of women in the country become chief executive officers (CEOs), Romano said.
“In a country where we’ve had two women presidents in the last two to three decades, only 3 percent are CEOs. This is fascinatingly low amount for me,” Romano said.