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Economic growth

Australia Launches PHP172-Million Impact Loan Program for Filipino Women Entrepreneurs

Strategic Insights

— 1 min read

The Australian government has unveiled a PHP172-million loan program aimed at supporting women entrepreneurs in the Philippines. The initiative seeks to expand access to capital and promote gender-inclusive economic growth. Australian Ambassador to the Philippines Marc Innes-Brown emphasized that the program will help create business opportunities for women and drive economic growth that benefits both women and men. The loans will be provided through the Australian Development Investments (AID) and female-led ARQ SME Finance.

Key Takeaways:

  • The Australian government has allocated PHP172 million for the impact loan program to support women entrepreneurs in the Philippines.
  • The program aims to expand access to capital and promote gender-inclusive economic growth by targeting businesses with a commitment to gender equality.
  • The loans will be provided through the Australian Development Investments (AID) and female-led ARQ SME Finance.
  • The program will target businesses that embed gender equality, financial governance, and sound business practices.
  • The initiative is a partnership between Australia and ARQ SME BDC to create more business opportunities for women and drive economic growth.
  • The loans will be used to support the growth of Philippine enterprises that promote gender equality and financial governance.
  • The program marks the first funding of the Australian Development Investments (ADI) flagship impact investment fund in the Philippines.
  • Australian Ambassador to the Philippines Marc Innes-Brown first announced the new financing at the 2X Global Summit on September 2.

Statistics:

  • PHP172 million: The total amount allocated for the impact loan program.
  • 2X Global Summit: The event where Australian Ambassador Marc Innes-Brown first announced the new financing on September 2.
  • 100%: The target percentage of businesses that will commit to gender equality in leadership, workforce participation, supply chains, and human resources practices.
  • 1st funding: The ADI flagship impact investment fund's first funding in the Philippines, marking a major milestone for the organization.

Sources:

  • Australian Embassy in Manila (September 3, 2023)
  • Philippines News Agency

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