Poe: Gov’t should invest in women entrepreneurs

LOOK:In celebration of International Womens’ Month this March, women entrepreneurs brave the odds of the pandemic and continue to make a living by selling art, plants and hand-crafted items at Work Pop Up Market in SM City Masinag, Antipolo, March 13, 2021. 📷:Niño Jesus Orbeta/Philippine Daily Inquirer

MANILA, Philippines — The government should invest in women entrepreneurs as they will be vital in the country’s recovery from the COVID-19 pandemic, Senator Grace Poe said.

Poe, who chairs the Senate committee on banks, financial institutions and currencies, said the government should create an environment that will empower women entrepreneurs to surpass pre-existing limitations and thrive in the new normal.

“I believe the government should invest in women entrepreneurs as they will be extremely vital in the post-COVID recovery of our communities,” Poe said in her keynote speech delivered via Zoom at the Go Negosyo Women Entrepreneurship Summit 2022 on Thursday.

“This is why we need to create an enabling environment to remove obstacles that prevent women from living full, productive and satisfying lives,” she added.

Poe said among the challenges that women entrepreneurs face is financial inclusion.

Citing the International Finance Corp., Poe said 61 percent of women in the Philippines still do not own a bank account and are not part of the formal economy, making it hard for them to avail of business loans extended by the government.

“Nais natin na lahat ng Pilipino ay magkaroon ng access sa banking at financial services para walang maiwan,” Poe said.

(We want all Filipinos to have access to banking and financial services so no one will be left behind.)

“Let’s take every opportunity to recognize, honor and affirm women by showing appreciation for them at home, in offices and factories,” she added.

Poe likewise renewed her call for the signing of the Financial Products and Services Consumer Protection Act which is still awaiting the approval of President Rodrigo Duterte.

The senator sponsored and defended the measure in the Senate.

“We must ensure the protection of the interest of consumers who avail of financial products and services, especially at this time when many have fallen into debt traps and now endure stressful lives in an effort to repay loan obligations,” Poe said.

/MUF