Do you know that there are more women than men at the college level, but the ratio of women to men goes down to 50:50 at the operational level, further down to 22:78 at the managerial level and 15:85 at the Board level? Though the board level ratio has gone up to 17 percent in 2020,is 17 percent enough?  Aurora “Boots” Garcia said a man is three times more likely to get a board seat than a woman.  These led to the formation of Next Gen of Women Corporate directors (NOWCD) led by Boots as Chairman and Pacita “Chit” Juan as President.  Increasing women in boards from 17 percent to 20 percent by 2024 is one of its key deliverables.  And it’s not just gender, but qualified and competent women, based on its roster of membership.

SEC Commissioner Kelvin Lee was the inspirational speaker at the recent NOWCD induction event for officers and members.Com. Kelvin was bold enough to admit that, in his home his wife Dorothy is the real boss, and because his dad passed away when he was only seven(7), his father figure was his mother. His sister is in charge of their family business so, he has no issues with women taking leadership roles at all. In addition to Com. Kelvin, FINEX President Mike Guarin and MAP President Fred Pascual were the other brave and “wise” men present as both admit their wives are “always right” too. 

Com. Kelvin said that while the Philippines ranked 17^th among 156 countries in the World Economic Forum(WEP) 2021 and remains as top country in Asia in terms of closing the gender gap, still, more is needed to be done. He emphasized that the SEC continues to advocate gender equality and board diversity as seen in its Sustainability Reporting Guidelines and invited NOWCD to collaborate with SEC to be a   its policy directions on best practices and latest global developments. 

NOWCD’s vision is to be the leading organization of women corporate directors in the Philippines. And its key objectives are to provide education and training, create meaningful networking, expand local and international opportunities for members, build a pipeline of board ready woman by providing guidance through partnerships.

Women have gone a long way.  Time was when women fighting for the right to vote, now it’s taking a seat at the conference table.  Previously, board members were like “wallpaper” but with corporate governance, directors can no longer be passive as they are responsible and accountable.

The next generation of women are fortunate that women directors before them have already “learned the ropes”.  There is NOWCD to look up to, as the example of leadership complemented with education, training etc. to better prepare them for board position, even more critical now with the responsibilities that go with it. 

 Effecting Positive Change

“EFFECTING POSITIVE CHANGE THROUGH INCLUSION and FOCUS ON CRITICAL SUSTAINABLE GOALS ”was also held last week sponsored by the FINEX Financial Inclusion Committee chaired by Gay Santos of Water Org.  with Jose Camus as Vice Chair.

Keynote speaker was NEDA Undersecretary Mercedita Sombilla with panelists: Jitendra Balani of Habitat for Humanity, Dom Johnston of Water Org. Indonesia, Alberto Bocanegre of the International Federation of the Red Cross and Liza Silerio of SM Prime, ably moderated by Dennis Valdes of Cebuana Lhullier Bank.

Gay said, achieving a sustainable solution is within reach.  It is a matter of coming together in bayanihan.  Climate change, water, sanitation, shelter crisis and financial inclusion are not exclusive undertakings of the NGOs, multilaterals and the Government.  We ALL need to take accountability and work together.

We hope we can all make an effective change through women empowerment, financial inclusion and focusing on critical sustainable development goals.\

What a wonderful weekend my husband Ed and I had at the Duyan House of Sinagtala Farm Resort (Bataan), hosted by PNB Chair Federico “Ding” Pascual and his lovely wife Fran.  Sinagtala is in the mountains surrounded by picturesque rainforest with flowing rivers, several infinity pools, flower gardens and outdoor amenities.  The clean mountain air, scenic forest view, sumptuous meals and the company of friends, truly a healthy pandemic relief!

Ms. Tarriela was the first Chairwoman of the Philippine National Bank. She was the first and only independent director/ chairwoman in the commercial banking industry. She is a former Undersecretary of Finance and the first Filipina vice-president of Citibank N.A.  She is a trustee of FINEX and an Institute of Corporate Directors fellow.

A gardener and an environmentalist, she established Flor’s Garden in Antipolo, an ATI Accredited National Extension Service Provider and a DOT Accredited Agri Tourism Site.

(The views expressed herein do not necessarily reflect the opinion of these institutions.)