Philippines chosen for Australia’s P43 million funding for women’s SMEs

MANILA, Philippines — The Philippines has been selected as the first country in the region to be granted Australia’s $1.25-million (P43-million) program to inject capital for women-owned and women-led businesses to help recover from the impact of the coronavirus pandemic.

In response, Investing in Women, an initiative of the Australian government, launched the Investing in Women RISE Fund – Responsive Interventions Supporting Entrepreneurs to inject capital for women-led small and medium enterprises (SMEs) in the southeastern region.

The fund offsets COVID-19 impacts on women-owned and women-led businesses and provides much-needed liquidity in a capital-constrained market.

The Macquarie Group Foundation has joined this initiative and will be investing more than P43 million.

The Macquarie-Investing in Women RISE Fund was formally launched last Tuesday at a signing ceremony led by Australian Ambassador Steven Robinson and Manila Technology division director and Macquarie Group office head Eric Yaptangco.

“Yes, indeed. It is one of the first in Southeast Asia, here in the Philippines. Australia is committed to helping the Philippines recover from the pandemic,” Robinson said at the launch of the Investing in Women RISE Fund.

“It’s all about economic recovery and helping the Philippines to rebound. And if we can get women back into the workforce, and their small and medium enterprises up and running again that will have an enormous impact on the Philippine economy,” he added.

The ambassador noted that women would play a central role in the recovery from COVID-19 and should have an equal part in a more resilient, inclusive and broad-based Philippine economy.

He said the Macquarie-Investing in Women RISE Fund would support and give to women’s SMEs and help build back better in the Philippines.

“Closing the gap between women’s and men’s access to capital will provide a significant boost to economic growth at a time when it is much needed,” he added.

Yaptangco said the program, piloted in the Philippines, “signifies Macquarie’s commitment to help the Philippines and contribute to the country’s growth and recovery from the COVID situation.”

The public-private alliance will work through two local investing partners: the Foundation for a Sustainable Society Inc. and InBestCap Ventures.

The fund will enable these partners to provide much-needed investments to women’s SMEs, which will have a multiplier effect in the local economy, creating and sustaining more than 200 full-time jobs.

The investment partners are committed to strengthening the gender lens investing ecosystem in the Philippines, encouraging other investors to ensure that women entrepreneurs can access funding to grow their businesses.