There is a growing number of women holding executive positions in the Philippines’ publicly-listed companies although not enough are making it to the top of the corporate ladder and not many are being given key corporate roles.

A study conducted by Philippine Women’s Economic Network (PhilWEN) and Philippine Business Coalition for Women Empowerment showed that, the number of women in executive positions in publicly listed firms now comprise 40 percent, but they only occupy functional or support roles.

Meanwhile, the percentage of women sitting in boards of directors of PLCs has continued to grow, reaching 21 percent in 2022, although female CEOs remain underrepresented at just 13 percent.

The study noted that, only two percent of large firms and none of the small and medium-sized firms have set specific gender diversity targets, or having a balanced number of male and female board members.

While most listed firms have broad diversity policies, these need to be complemented by concrete targets in order to be measured and ultimately achieved, it said.

Philippine Business Coalition for Women Empowerment Chairman Aurora Geotina-Garcia said the target is that women should comprise 30 percent of the seats in the boards of directors of listed companies.

“So there are two schools of thought. One is mandatory, and one is voluntary. So we have countries who've actually imposed quotas, including Malaysia, which is ASEAN, and countries like France. And many of the Scandinavian countries who have adopted quotas,” Garcia said.

She explained that, “The rationale being, if you impose quotas, there's more compelling, what do you call this, reason for companies to deliberately and intentionally recruit females.

“However, the question arises that, they will just comply with that by putting their wives, their children, their children.”

SEC commissioner Javey Paul D. Francisco said it’s evident that women remain under-represented in executive positions and boards and the Philippines still has a long way to go.

“So what are we going to do to turn things around? As a key player in fostering a dynamic and sustainable capital market and empowering the business sector, we at the SEC are uniquely positioned to lead by example.

“We are committed to implement policies that enhance corporate governance and champion gender equality, ensuring that our actions contribute to a more equitable and effective business environment,” Francisco said.

Francisco said one of the ongoing challenges is the persistent under-representation of women in corporate leadership.

“To address this gender gap, we’ve taken steps to further integrate gender diversity and drive change from the top. In 2019, we urged boards of public companies and registered issuers to adopt board diversity policies, aiming to create a more equitable corporate landscape and empower women to thrive in leadership roles,” he said.