The subtle tax on good borrowers
From Where We SitIn credit risk, adverse selection is usually discussed in the context of underwriting.
The most enduring change often happens quietly: through what we repeatedly see, who consistently advocates, and what organisations choose to institutionalise.
Recently, P&A Grant Thornton released Women in Business 2026: The value of visibility, a Philippine perspective on the network’s global research. An initiative of Grant Thornton International, the Women in Business study tracks the representation of women in senior management, where and how gender equality is embedded in strategy, and how these choices show up in performance and culture.
The Women in Business 2026 research confirms something the Philippines can be proud of. We continue to be a regional and global bright spot when it comes to women in senior leadership. Women now hold 44.5% of senior management roles in the Philippines, well ahead of the global average of 32.9% and above the ASEAN benchmark of around 39.5%. Even more telling, only 1.1% of Philippine businesses report all male leadership teams, compared with 5.7% globally.
Visibility is the signal, and velocity is the system behind it: turning representation into real decision-making power, stronger culture, and sustained performance. From where I sit, progress in the Philippines shows up most clearly in three ways: in how visibility shapes mindset, how champions create access, and how systems build up velocity.
When women see women lead, possibility expands
At a women’s leadership event, one moment stayed with me. A moderator asked a woman leader on the panel how she deals with the glass ceiling. She smiled and replied, “What glass ceiling?” I loved the bravery of that answer—not because it denied reality, but because it reflected a mindset shaped by lived experience, not limitation.
Personally, I have been fortunate to work closely with women leaders across many arenas. I didn’t just see them in curated moments: I saw them making a real impact. That exposure did something powerful. It made the idea that “there is no glass ceiling” feel less like a motivational phrase and more like an observable reality. It also revealed how invisible limits form. The value of visibility closes a quiet gap: not capability, but imagination. It is proof of what is possible.
With women occupying nearly half of senior management roles in the Philippines, leadership diversity is no longer an exception. It is something people expect to see, and this is demonstrated in the roles women lead. Women are well represented in roles such as Chief Financial Officer (58%) and Human Resources Officer (67%); meanwhile, representation continues to evolve at the very top, with women holding only 15.9% of CEO roles. Progress is real—but may be uneven. That honesty is important as we continue to support the representation of women leaders in all kinds of roles, even the traditionally male dominated roles.
Advocacy beyond mentorship accelerates velocity
Mindset shows the doors of possibilities. Champions help open the right door and stand there long enough for us to step through with confidence.
In my own journey, I’ve learned that believing something is possible is very different from being invited to act on it. I owe much of my growth to women leaders and male champions who pushed me to evolve, sometimes before I felt ready, Mentors encouraged me to take my space in leadership discussions despite my nerves. Principals built up my introduction with confidence, even when it made me uncomfortable, opening conversations where I could be seen and heard.
Globally, 25.6% of businesses set explicit targets for mentoring, while 25.3% set targets for networking. Meanwhile, in the Philippines, 36.8% of the respondents include targets for mentoring, and 32.2% for networking, signaling that systems are in place, and continue to be prioritized, towards the guidance of female leaders.
Institutionalising development turns visibility into velocity
What ultimately determines whether progress lasts is not intention, but design. Progress does not move at speed through individual excellence or occasional luck: it accelerates when it is designed into the system. Velocity comes from organisations that make inclusion repeatable, not accidental.
That demand is already clear in the market. Today, four out of ten Philippine businesses report candidates asking about the gender balance of senior leadership, a sharp year-on-year increase. Globally, 93% of business leaders say they consider a company’s gender equality initiatives when applying, and for 22.4% it is a priority. When that question is raised at the hiring stage, it is not curiosity: it is due diligence. It signals that leadership diversity has become a factor in employer choice, trust, and credibility.
This scrutiny is not confined to talent. Partner organisations (34.1%) and potential clients (33%) are among the most frequent requestors of gender balance data, reinforced by increasing disclosure through sustainability and governance reporting. More than an internal culture story, gender-balanced leadership has become part of how credibility is assessed in business relationships.
Encouragingly, Philippine organisations are responding by embedding gender equality into their operating systems. The Women in Business data shows that more firms now integrate equality into senior leadership appointments (60.9%) and recruitment and selection (56.3%), with 55.2% extending this to employee bonus structures, aligning incentives with stated commitments. In addition, 80.7% of Philippine businesses reviewed their DE&I initiatives in 2025, often as part of regular governance processes rather than one-off programmes. Systems turn intent into momentum ensuring women leadership development does not depend on proximity to power, but on deliberate design.
The performance link is equally clear. Philippine businesses that maintain and introduce gender equality initiatives are the most likely to report growth. Seventy three (73%) percent recorded revenue growth of more than 5%, while 56.2% reported growth in staff numbers. Inclusion, when institutionalised, becomes a growth lever, not a “nice to have”.
The impact is not only commercial, but cultural. Organisations report employees feeling treated more fairly, benefiting from visible role models, and seeing bias addressed more openly. When systems are in place, progress does not stall when individuals move on: it compounds. And that is how leadership momentum is sustained.
From Philippine progress to an ASEAN Conversation
The Philippines has shown that gender balanced leadership can move from aspiration to operating reality. The progress we see is not accidental. It is the result of a mindset shaped by visibility, access created by champions, and momentum sustained by systems.
This grounding matters beyond our borders. The Philippine experience offers a practical reference point for ASEAN. It shows that advancing women’s leadership is not a tradeoff against performance, but a contributor to it, and that inclusion can be embedded without losing competitiveness.
The opportunity now is to turn what we have learned into regional dialogue: to share what works, be candid about where progress remains uneven, and contribute meaningfully to the conversation on leadership, governance, and talent development.
So, the call to action is clear. Know our baseline. Embed equality into decision systems—appointments, hiring, incentives, and succession. Build champions who sponsor, not just mentor. Institutionalise development so leadership potential is recognised, invested in, and trusted.
When these come together, progress doesn’t just show, it moves. With this, our leadership journey becomes not only a national strength, but a regional contribution.
As published in The Manila Times, dated 06 May 2026
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