Gender equality is good economics,” declared a 2019 International Labor Organization (ILO) report. CDNDigital
domestic product at the national level.” Labor force participation refers to the percentage of people of working age who work or actively seek work. As of 2022, the average labor force participation rate globally was about 47 percent for women and 72 percent for men, reflecting a gender gap of 25 percentage points. The good news in the Philippines is that our gap is narrower at 21.5 percentage points as of January 2023, with male and female participation rates at 75.2 and 53.
In “Women in Business and Management: The Business Case for Change,” ILO cites evidence from the Organization for Economic Cooperation and Development , World Economic Forum , and PricewaterhouseCoopers . The 2015 OECD study estimated that a 50-percent reduction in the gender gap in labor force participation would raise the gross domestic product by about 6 percent.
The results are even more impressive for increased women’s participation in senior management positions in business. It’s an established fact supported by evidence that companies with more female executives make more money. In a 2016 study of nearly 22,000 firms from 91 countries, the Peterson Institute for International Economics found companies with women in management positions to be more profitable.
What leads to these outcomes? Various studies have come up with possible explanations. Professor Joe Carella of Arizona State University found that more gender-diverse companies are more creative. Analyzing Fortune 500 companies, he observed that companies with women in top management roles produced an average of 20 percent more patents than male-led firms.
The bad news is that ILO data show the Philippines to have seen a steady decline in women’s share in middle to senior management from 2011 to 2016, from well over 50 percent to just over 30 percent. Thailand, in contrast, had a steady rise, although it started at a much lower percentage than ours. Perhaps our companies ought to better heed the evidence, and make sure this declining trend is arrested.
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