9 September 2020
An employee survey conducted by the Philippine Business Coalition for Women Empowerment (PBCWE) and Investing in Women (IW) in May 2020, showed that the COVID-19 pandemic continues to have significant impacts on the country’s employment situation, health, and household income & responsibilities. Six (6) out of 10 adults reported a decrease in income, and 3 out of 4 also reported that worries about the current situation and financial concerns were causing the negative impact on their mental well-being. On top of this, the burden of care work, which is disproportionately carried by women, has dramatically increased resulting to more stress and hardships.
The widespread loss of income calls for greater efforts to achieve financial inclusion and safety. In a joint effort and initiative to teach basic financial literacy, an online training course entitled “Shaping Her Future: The Sheroes Guide to Financial Freedom” was held on 9 September 2020 via Zoom. The online training program was organized by PBCWE, Philippine Women’s Economic Network, and Insular Life, with the support of Investing in Women, an initiative of the Australian Government.
PhilWEN Chair and PBCWE Co-Chair Ma. Aurora “Boots” Geotina-Garcia said, “The first step to genuinely achieve gender equality is to recognize the barriers that prevent women from reaching their full potential. We must address the need to be financially and economically empowered and how the changes brought about by this great adversity might affect economic opportunities for both women and men.”
Insular Life Executive Vice President and InLife Sheroes Program Director Noemi G. Azura added that based on InLife’s market research, Filipino women are very much involved in financial decision making where 60% of Filipinas decide on their own and 40% decide jointly with their husband or mother.
“However, the same research also revealed that Filipinas have limited knowledge of personal finance principles. These insights were the driving forces in the development of our Financial Education course. We believe that through financial education, we can help Filipinas make informed decisions that can improve their economic wellbeing and help them achieve their financial goals,” Azura said.
“Shaping Her Future: The Sheroes Guide to Financial Freedom,” is part of the InLife Sheroes Movement, a program that aims to empower at least one million Filipinas and expand their access to risk-mitigating solutions and investment opportunities by educating them on financial management, health and well-being, providing network access to business partners, and solutions to women-specific concerns.
For more information about PBCWE’s training modules, interested individuals or groups may inquire at [email protected] or through their social media channels @PBCWE.
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