On Friday, March 17, Southeast Asia’s first SME super app Enstack hosted “EmpowHER: Conversations on Reengineering a Female-led Future in Tech” at Spaces World Plaza, Bonifacio Global City. The event allowed women-led startups to share their insights, network further, engage in meaningful conversations, and set the stage to support other women-led startups.
The event headlined keynote speakers Bangko Sentral ng Pilipinas (BSP) Deputy Governor Hon. Berna Romulo-Puyat and Department of Information and Communications Technology (DICT) Undersecretary Hon. Anna Mae Lamentillo. The event also featured a panel discussion comprised of Xendit Managing Director Yangyang Zhang, Shopee Philippines Director Ruoshan Tao, Thinking Machines CEO Steph Sy, and Enstack CEO Macy Castillo.
Coming together to EmpowHER
The keynote speakers pointed out that challenges still exist despite substantial progress made by the Philippines in closing the gender gap.
In her keynote speech, Deputy Governor Romulo-Puyat pointed out that women play a big role in the nation’s economy and carry great financial capability—yet still have problems accessing the right resources.
“75% of micro-enterprises in the Philippines are owned by women and women are also 4% more likely to interpret insurance as risk management tools,” explained Romulo-Puyat. “This shows that women already play a central role in our economy and have high potential for financial literacy.”
Bangko Sentral ng Pilipinas (BSP) Deputy Governor Berna Romulo-Puyat and Department of Information
Communications Technology (DICT) Undersecretary Anna Mae Lamentillo.
Yet, according to Romulo-Puyat, there is still a long way to go in achieving true gender equity. “Unfortunately, the Philippines has a low women labor force participation rate of about 40%, and many financial services still have parts that are discriminatory against women. As a result, women entrepreneurs are even hesitant to apply for loans,” she said.
Similar challenges were also highlighted by DICT Usec. Lamentillo. According to Lamentillo, women in countries like the Philippines are 16% less likely to own a smartphone. “Bridging the digital gender divide is important,” Lamentillo expressed. “You can even say it’s a requisite for gender equality.”
These challenges are driving the initiatives of both the BSP and DICT to close the gender gap even further.
According to Romulo-Puyat, the BSP has several initiatives to enhance the ecosystem for women-led and women-owned micro, small, and medium enterprises (MSMEs). The Paleng-QR PH Plus, for instance, enables MSMEs (such as palengke sellers) to easily accept e-payments and help digitize their businesses. Not only does the Paleng QR-PH Plus system bring convenience, but it also helps onboard users into a formal financial system. Romulo-Puyat even added that the Paleng-QR PH Plus program now even offers a Basic Merchant Account to streamline the program’s onboarding process.
Additionally, the BSP now even offers the Standardized Business Loan Form (SBLAF), a borrower-friendly loan application form it will require banks to use. The aim of the SBLAF is to make credit more accessible for small businesses, a move that Romulo-Puyat expects will benefit women-led MSMEs previously intimidated by complex loan application processes.
Lamentillo shares that the DICT also has gender-responsive policies and plans of its own.
“We want people to be online, but ‘online’ means so much more than having an account on Facebook or TikTok,” stressed Lamentillo. “To be truly ‘online’, it means you should have the same access to opportunities as everyone else.”
To that end, DICT has built 1,032 Tech4ED centers across the Philippines. These centers are made to share tech resources with communities and ensure they have access to necessary government services. Tech4ED centers also provide courses for upskilling and even opportunities for entrepreneurship and employment.
Today both the BSP and DICT have an abundance of initiatives meant to empower women. These initiatives will do everything from encouraging further economic participation to sharing resources and even bringing women-led ventures to the knowledge/products they need.
Women leaders for women
Women leaders themselves are among the best sources of insights for budding women-owned businesses. This is why “EmpowHER” closed with a panel to understand how 4 women leaders navigated the ups-and-downs of their respective careers.
Facilitated by host Lia Guerrero, the panel reflected on how being a woman has impacted their work. Many shared that even just being a woman caused them to be overlooked in meetings even if they hold more senior positions.
industry and zoom-in on how more women can be empowered to thrive in the industry.
“Being a woman comes with so many misunderstandings, especially in tech,” shared Thinking Machines CEO Steph Sy. “There were so many times I would walk into a meeting and get mistaken for an intern!”
“When you walk into a room as a woman, people tend to underestimate you,” added Enstack CEO Macy Castillo.
Yet the panel was also quick to share that being a woman had its advantages.
Shopee Philippines Director Ruoshan Tao shared that her perspective as a woman allows her to gain an edge over her male counterparts at times. “The advantage is that we have a lot of women customers. I am a woman therefore I’m just better put to sell to them in many ways,” said Tao. “I’m fortunate that I’m surrounded by male executives who are open to that perspective and will openly admit ‘Yes, I do know nothing here, I’m sorry’.”
“We also bring a fresh perspective. In most industries, most products have been built from a male perspective so women bring a new way of looking at things,” added Xendit Managing Director Yangyang Zhang.
“It’s also so much easier to onboard women. They’re more willing to ask questions!” said Castillo.
The panel even had their own takes on what may be causing the gender gap in business such as unfair expectations when it comes to parenthood between genders.
“Some industries have great gender parity at the entry-level but this drops off as you go higher up,” said Sy. “Parenthood is a definite factor here and businesses need better policies for that. What’s your policy when it comes to maternity leave? How about paternity leave?”
According to Zhang, simply entering parenthood can even lead to burnout in some women. “Women are taught they have to be this superwoman that can handle it all or focus on being a full-time mom,” said Zhang.
Overall, the panel advocates for better policies and practices for women whether it’s access to loans, funding, better workplace policies, and more. Having these policies and practices in place will improve women’s participation in business and the overall economy—something that society as a whole can only benefit from.
“Women should remember they’re capable of doing so many great things,” concluded Tao. “So many women feel they aren’t qualified for things when they really are. It’s true that the first one through the glass ceiling will get a little bloody—but it’s a journey that will be worth it.”