Reducing gender inequality at work can add USD 40 mn to Philippines's economy

According to a report by McKinsey & Co, Philippines has the capability to add USD 40 billion to its domestic economy by 2025 if women and men are treated equally at the workplace.


Devdiscourse News Desk | Updated: 21-05-2018 00:17 IST | Created: 20-05-2018 23:27 IST
Reducing gender inequality at work can add USD 40 mn to Philippines's economy
The USD 40 billion that McKinsey estimated can help Philippines in gross domestic product. (Image Credit: Reuters)
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  • Philippines

McKinsey & Co. conducted a research titled  “The Power of Parity: Advancing Equality in Asia-Pacific” which proved that overcoming gender parity was one of the biggest opportunities for inclusive growth in the the region.

The study depicts that about 53 percent of women in the Philippines finish college education, while 43 percent manage to join the workforce as rookie professionals. Only about 33 percent reach senior management and only 15 percent eventually achieve the feat of being a board member. A cream of only 3 percent of women in the country reaches the level of chief executive officers.

The Philippines has the capability to add USD 40 billion to its domestic economy by 2025 if women and men are treated equally at the workplace said, SM group founder Henry Sy.

Women representation is far less when it comes to being top bosses in the corporate sector.




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