The Australian government and Macquarie Group Foundation is launching a program for women-led businesses in the Philippines with over P43 million to be allotted to pandemic-hit small and medium enterprises (SMEs) managed by women. Women entrepreneurs can receive a minimum of P100,000 under the program, depending on their need.
The Macquaire-Investing in Women RISE Fund will be working with two local partners: the Foundation for Sustainable Society Inc. (FSSI) and InBestCap Ventures (InBest). The goal is to get 200 or more people in sustainable employment over the next two years.
“Closing the gap between women’s and men’s access to capital will provide a significant boost to economic growth at a time when it is much needed,” says Australian Ambassador to the Philippines Steven Robinson.
The FSSI is a social investment organization that aims to develop sustainable communities through social entrepreneurship, while InBest is an impact investment company that aims to help SMEs and cooperatives grow.