Why Women in the Boardroom Are an Economic Imperative

Let us build boardrooms in the Philippines that reflect the full measure of our nation’s talent.

This speech was delivered on February 16, 2026 at the general membership event of the NextGen Organization of Women Corporate Directors Philippines.

Let me begin with something simple—but powerful.

I have seen leadership up close. In our homes. In our families. In our mothers.

Women lead with strength that is both tender and firm—compassionate, yet resolute. Caring where it should be. Decisive where it must be. Flexible in change—yet unwavering in standards and accountability.

That same disciplined judgment has a place in the boardroom.

Gender diversity is not a slogan. It is not a compliance box. It is an economic and governance imperative. If we want stronger firms, more resilient markets, and better long-term decisions, we cannot afford to leave women leaders on the sidelines.

When we fail to use half of our talent, we weaken the quality of our decisions.

The data is revealing.

From 2024 to 2025, female directors declined by 4.99%—driven largely by fewer regular seats—even as female independent directors rose by 8.50%. Then, from 2025 into early 2026, the trend reversed: total female directors increased by 10.30%, led by gains in regular seats, with continued growth among independents.

Progress? Yes.

Enough? Not yet.

The 2024 ACGS Philippines [ASEAN Corporate Governance Scorecard, which measure and rank the corporate governance performance of publicly listed companies in the Philippines against international best practices] results show that women still occupy only about 10 to 20% of board seats. Many companies still have none. In some sectors—particularly mining and industrial firms—zero representation remains common.

That is not merely a diversity gap.

That is a governance gap.

Allow me a personal note.

I speak before you today not only as a regulator—but as the son of my mother, the husband of my wife, and the father of my daughter. They remind me—quietly and consistently—of the competence, ambition, and discipline women bring to every table.

And to the men here, let us be candid. We all know that our wives manage complex operations at home daily—budgets, logistics, schedules, standards, crisis response. Groceries on time. Meals prepared. Deadlines met. Problems resolved before they escalate.

That is hard work.

That is strategy.

That is execution.

That is governance in action.

And in the boards where I have served, I have seen women directors bring that same clarity—prepared, principled, unafraid. Measured when they speak but firm when necessary. 

The question is not whether women are ready.

The question is whether our systems are ready for them.

At the Securities and Exchange Commission (SEC), we have been aligning policy with principle.

Through Memorandum Circular No. (MC) 19, series of 2016, boards are mandated to adopt diversity policies—including gender—to reduce groupthink and improve decision-making.

Just last January, through MC 7, we set a nine-year maximum term for independent directors—not only to preserve and enhance board independence, but to create real space for new, qualified candidates, including women who are equally competent and equally capable.

In the capital markets, we support inclusion through Social Bonds. Under MC 9 in 2019, proceeds must fund eligible social projects. The market is responding. The country’s first Gender Bond in 2023 by ASA Philippines supported microfinance for women-led enterprises. In 2024, City Savings Bank expanded credit for women in underserved sectors through its Social Bond.