CAGAYAN DE ORO CITY (PIA) -- Adopting the United Nations (UN) Sustainable Development Goals as part of its sustainability framework in 2010, BDO Unibank Inc. (BDO) prioritized programs that promote social and economic inclusion, which includes making financial products and services more accessible to unbanked segments, especially women, in order to encourage active participation in the financial system.

This, as the International Monetary Fund reports that raising female participation in the workforce through employment or entrepreneurship can help boost the growth of emerging markets by around 8 percent. Closing the gender gap makes great economic sense because it allows countries to drive economic growth by maximizing women’s untapped skills and talents.

Leveling the playing field in business

BDO notes an increase in the number of women entrepreneurs who avail of its products to grow their businesses, particularly for BDO’s community bank, BDO Network Bank (BDONB). In 2022, BDO reported that 66 percent of its micro, small, and medium enterprises (MSMEs) clients for BDONB are women-owned. 

Karen Cua, senior vice president for BDONB, who started and built the MSME business for BDO Unibank’s community banking arm, acknowledges that women still face numerous challenges that hinder them from benefiting fully from their hard work and from being recognized for their contributions to their families and communities. 

“The challenge for many women entrepreneurs is balancing the demands of work and home. While hustling as entrepreneurs, women typically also need to be home managers, their children’s educators, and financial managers for their households. These roles require different mindsets, energy, and skills. Supporting women in doing these roles can help them achieve more without being unnecessarily and overly burdened,” she said.

Apart from her personal experience, Cua’s interaction with BDONB’s women clients allows her to incorporate a gender perspective in designing and implementing initiatives that allow women to manage their personal finances and their entrepreneurial ventures more effectively. 

“Promoting financial inclusion through the lens of gender equality is more than just distinguishing women’s financial behavior over men’s and making the necessary products or services that match each. We need to actively remove barriers for women that limit their participation in the financial system. Understanding and countering gender disparities makes us more effective in making banking more inclusive and empowering,” she added.

Assisting women in achieving financial independence

BDO strives to comprehend the unique challenges and concerns that women encounter, and tailors its support accordingly. Recognizing the vital roles played not just by women entrepreneurs, but also by overseas Filipina workers (OFWs) and women government employees, BDONB actively assists them in effectively managing their finances. 

For OFWs, the bank offers specialized services aimed at facilitating seamless money transfers, providing investment opportunities, and delivering comprehensive financial planning to optimize their hard-earned income. 

Moreover, BDONB extends support to women government employees by providing accessible loan options to cover essential expenses such as medical needs, education, home repairs, and starting or expanding businesses. Notably, as of February 2024, about 77 percent of BDONB’s loan clients are women.

BDONB’s initiatives underscore its commitment to a holistic approach to banking, with the aim of empowering women from various sectors and socioeconomic backgrounds to attain financial independence and thrive.

Recognizing women’s capacity to lead

BDO’s commitment to women's empowerment extends beyond its banking services. The bank actively promotes diversity and inclusion within the organization by creating an environment where women can excel. Within BDO, women account for 75 percent of the total workforce, while 58 percent comprise senior leadership.  

Cua appreciates BDO’s efforts to create a conducive environment for women employees to excel professionally and serve their communities, saying, “BDO gives women like me plenty of opportunities to shine. Building and expanding a new business to support the growth of MSMEs in the Philippines has provided me and many female officers of the bank with a platform to make an impact.  I appreciate the responsibilities entrusted and the bountiful opportunities provided for BDONB employees, regardless of gender.”

UN Women and the United Nations Department of Economic and Social Affairs both note in the Progress on the Sustainable Development Goals: The Gender Snapshot 2023 study that there is a need to intensify efforts to promote women empowerment in order to achieve Sustainable Development Goals targets. 

According to projections, 340 million women and girls will experience extreme poverty by 2030 as a result of a lack of social protection, support systems, and access to livelihood opportunities.

In support of the United Nations Global Compact principles, BDO continues to implement programs that uphold women’s fundamental rights and recognize their role in reducing poverty and achieving economic growth.

“Apart from continuously expanding our network to make the bank’s financial products and services accessible to all genders, we promote women leaders and celebrate milestones for women.  We continue to find ways to create an inclusive environment where everyone, regardless of gender, can realize their potential and contribute meaningfully to society,” Cua said.

Despite the hurdles, the senior vice president remains motivated to uplift her fellow women through her work at the bank.

“I hope to inspire women in the workplace as well as women entrepreneurs to believe in themselves. Our achievements show our fellow women what they can do too. I want to show my daughter and other young women that gender does not limit what they can reach,” Cua said. (CID Communication/PIA-10)