dotdailydose
The Australian Government in partnership with the Macquarie Group Foundation, through the Investing in Women RISE Fund, supported 13 women-led small and medium-sized enterprises, sustaining over 1,000 jobs during the pandemic.
Economic disruptions caused by COVID-19 have disproportionately affected women. In April 2020, the Philippines registered a 17.7 per cent unemployment rate, with women being overrepresented in job losses. To address this, Investing in Women – an initiative of the Australian Government – and the Macquarie Group Foundation launched the Macquarie-Investing in Women RISE Fund (the Fund) to support women’s small and medium enterprises (SMEs) adapt and respond to emerging business opportunities during the pandemic.
The Fund has enabled local partners: the Foundation for a Sustainable Society Incorporated and InBest Ventures provide investments to 13 women’s SMEs, across rural and urban markets in the Philippines, including agriculture, tech, and infrastructure. This helped sustained over 1,068 full-time, quality jobs and continues to expand new economic opportunities through business growth.
Australian Ambassador Steven J. Robinson AO and Mr. Eric Yaptangco, Division Director, Manila Technology and Office Head, Macquarie Group met with the initiative’s local partners and the women entrepreneurs to celebrate the achievements of the Fund.
“This Women’s Month, I pay tribute to women entrepreneurs who continue to drive the country’s economic recovery. Australia is committed to supporting women entrepreneurs and contributing to the resilience of local communities. The Macquarie-Investing in Women RISE Fund has highlighted the central role that women play in economic recovery from COVID-19,” explained Ambassador Robinson AO.
“The Macquarie-Investing in Women RISE Fund has been integral to our efforts to provide relief to COVID-19 affected communities in the Philippines. The Fund has expanded access to much needed capital for women’s SMEs, who contribute to a more resilient, inclusive, and broad-based economy. Working through impact investors, our support has helped businesses to restart economic activity in hard-hit areas of the Philippines,” said Susan Clear, Macquarie Group Foundation.
