How do financial crises affect gender equality and women’s economic participation?
Answer (1)
Financial crises affect everyone, but they often hit women harder, especially in developing countries like the Philippines. During a crisis, women face increased challenges at home, in the workplace, and in their communities. This affects gender equality and limits women's ability to participate in the economy.First, during a crisis, many people lose jobs—but women are more likely to be affected. This is because they often work in informal or part-time jobs with little security, such as street vending, domestic work, or small-scale farming. When the economy slows down, these types of jobs are often the first to disappear.Second, when families lose income, women usually take on more unpaid responsibilities at home—such as caring for children, the elderly, or sick family members. This limits their time to look for work, start a business, or continue schooling.Third, access to resources like loans or government aid can be harder for women. They may not own land, have bank accounts, or be part of formal business networks. This limits their ability to recover economically.However, women also show great resilience. During the pandemic and other crises, many Filipina mothers and daughters started small online businesses, sold home-cooked meals, or offered services like tutoring or cleaning. Their contributions helped keep families afloat.To support women during crises, governments and communities should offer gender-sensitive programs. These include giving women equal access to training, credit, and aid. Protecting women’s health, safety, and economic rights also helps create a stronger society overall.In summary, financial crises deepen gender inequality—but they also show the strength and role of women in recovery. Empowering women during and after a crisis leads to a faster and fairer rebuilding of the economy.
