The number of women holding executive positions in listed firms equals 40 percent of companies but they occupy only functional or support roles, a study conducted by Philippine Women’s Economic Network (PhilWEN) and the Philippine Business Coalition for Women Empowerment showed.
Also, the percentage of women on boards of directors has continued to grow, reaching 21 percent in 2022, but female CEOs remain underrepresented at just 13 percent, according to the study.
And despite some progress, only 2 percent of large firms and none of the small and medium-sized firms have set specific gender diversity targets, or having a balanced number of male and female board members.
Most listed firms have broad diversity policies but these need to be complemented by concrete targets in order to be measurable and ultimately achieved, the study revealed.
According to Aurora Geotina – Garcia, chairman of the Philippine Business Coalition for Women Empowerment, said the target number of women in the board should be 30 percent.
“So there are two schools of thought, one mandatory and the other voluntary. We have countries who’ve actually imposed quotas, including Malaysia, which is ASEAN, and countries like France and many of the Scandinavian countries who have adopted quotas,” Garcia noted.
According to her, the imposition of quotas make it more compelling for companies to deliberately and intentionally recruit females.
However, companies comply by putting their wives, their children, and their childrens’ children,” she said.
SEC commissioner Javey Paul D. Francisco said it’s evident that women remain under-represented in executive and board positions and that the Philippines still has a long way to go.
“So, what are we going to do to turn things around? As a key player in fostering a dynamic and sustainable capital market and empowering the business sector, we at the SEC are uniquely positioned to lead by example.
“We are committed to implement policies that enhance corporate governance and champion gender equality, ensuring that our actions contribute to a more equitable and effective business environment,” Francisco said.
One of the ongoing challenges, he said, is the persistent under-representation of women in corporate leadership.
“To address this gender gap, we’ve taken steps to further integrate gender diversity and drive change from the top. In 2019, we urged boards of public companies and registered issuers to adopt board diversity policies, aiming to create a more equitable corporate landscape and empower women to thrive in leadership roles,” he said.
