1 week ago
12
Keisha Ta-Asan - The Philippine Star
March 9, 2025 | 12:00am
MANILA, Philippines — In honor of women’s achievements and the ongoing pursuit of gender equality across all sectors, government leaders in banking and finance are driving initiatives to foster inclusivity and empower women through financial opportunities and support.
In the Philippines, where women leaders like Budget Secretary Amenah Pangandaman and Bangko Sentral ng Pilipinas (BSP) Deputy Governor Bernadette Romulo-Puyat have played crucial roles in finance and governance.
As the only Muslim woman in the Cabinet and the sole female member of the country’s economic team, Pangandaman said she understands the importance of collaborative efforts and targeted interventions to address gender disparities.
“Hence, we continue mainstreaming gender into our flagship projects, programs and initiatives across sectors,” Pangandaman told The STAR.
“Through gender-responsive budgeting, we ensure that our national budget is allocated and utilized to implement projects that lead to improved access of women to essential services, resources, and opportunities,” she said.
Pangandaman has been a staunch advocate for gender tagging in the national budget, reinforcing the government’s commitment to Republic Act 9710 or the Magna Carta of Women. Under this law, agencies are mandated to set aside at least five percent of their annual total budget appropriations for gender and development.
The 2025 General Appropriations Act strengthens this initiative by mandating agencies to develop plans that address gender issues in their respective sectors.
The provisions align with global gender-equality frameworks such as the Convention on the Elimination of All Forms of Discrimination Against Women, the Beijing Platform for Action, the Philippine Plan for Gender-Responsive Development 1995-2025 and the Philippine Development Plan 2023-2028.
Pangandaman actively promotes peace and inclusive development in Mindanao, serving as co-chair of the intergovernmental relations body between the National Government and the Bangsamoro Government to strengthen the autonomy and empowerment of the Bangsamoro Autonomous Region in Muslim Mindanao.
In her role as Budget Secretary, she is a strong proponent of transparency and open governance, leading OGPinas!, a national advocacy initiative that underscores the vital role of civil society in promoting peace and development.
Advancing women leadership, inclusion
The Philippine banking sector has seen remarkable progress in terms of gender balance at leadership levels. According to BSP Deputy Governor Bernadette Romulo-Puyat, women have consistently outnumbered men in managerial and executive positions since 2021, holding the majority of these roles.
Puyat said that in 2025, women continue to hold significant leadership positions within the BSP. This demonstrates a strong commitment to gender inclusivity at the highest levels of financial leadership.
“As of January 2025, women continue to hold significant leadership roles in the BSP, with two out of five deputy governors and eight out of nine assistant governors being women,” she said.
The BSP has also introduced inclusive policies and regulatory frameworks to ensure that women not only participate in but also thrive in the financial sector. Puyat said 57 percent of Filipino women have transaction accounts compared to 54 percent of men.
However, challenges remain. While more women than men own transaction accounts, many still hesitate to invest, acquire insurance or own a bank account. Women entrepreneurs also face hurdles, often hesitating to seek financing due to complex loan processes and perceived high costs.
To bridge these gaps, the BSP has implemented various programs aligned with the National Strategy for Financial Inclusion. These initiatives focus on empowering women through financial access and digital literacy.
The central bank promotes digital banking, e-wallets and online lending to make financial services more accessible to women who manage both household and work responsibilities. Financial technology innovations such as alternative credit scoring tools also help entrepreneurs secure loans even with limited financial history.
Recognizing the importance of defining and supporting women-led businesses, the BSP assisted in establishing criteria for identifying women-owned micro, small, and medium enterprises (MSMEs).
“This critical step strengthens the sex-disaggregated data ecosystem, ensuring targeted support for women entrepreneurs,” Puyat said.
Efforts to improve loan accessibility have also been a priority. The BSP issued policies to simplify loan application processes and mandated financial institutions to collect data that identifies gender gaps in credit access.
Enhancing financial literacy among women is another crucial step. With funding from international development organizations, the BSP launched digital financial literacy programs tailored for rural women and women-owned MSMEs.
The BSP has also collaborated with government agencies and the private sector to develop gender-inclusive financial education materials, ensuring that women play a central role in financial decision-making.
“Through these targeted efforts, the BSP strives to overcome existing barriers and promote greater financial inclusion and empowerment for women in the Philippines,” Puyat said.
The efforts of leaders like Pangandaman and Puyat show that gender inclusivity is not just about representation – it’s about creating tangible opportunities for women to thrive.
Through gender-responsive budgeting, financial literacy programs and inclusive policies, the Philippines continues to pave the way for a more equitable and resilient financial sector.
By breaking barriers and fostering inclusivity, the financial sector moves closer to a future where women have equal access to opportunities and resources, shaping a stronger and more inclusive economy for all.
