Palace welcomes PH ranking as 9th best economy for women entrepreneurs

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Metro Manila (CNN Philippines, March 10) — Presidential Spokesperson Harry Roque lauded a report that hailed the Philippines as the ninth best market for women entrepreneurs.

"Another good news, yesterday being International Women's Day, the Philippines was named as the ninth best economy for women entrepreneurs," Roque said in a press briefing Saturday.

A report by global payments company Mastercard included the country in the world's top 10 markets with the best conditions for women entrepreneurs to thrive.

The Philippines scored 68.0 out of 100, trailing Belgium with 68.7. New Zealand topped the rankings with a score of 74.2.

The Mastercard Index of Women Entrepreneurs 2018 surveyed 57 economies to represent 78.6 percent of the world's female labor force.

In 2017, the Philippines ranked seventh with a score of 68.5.

Mastercard said the scores indicate how entrepreneurship is seen as a ticket to opportunity for women.

The report also noted that women entrepreneurs mostly thrive in more developed economies, making the Philippines an exception as the only lower-middle income market to make it to this year's top 10.

The Philippines also maintained its first place ranking in Women's Advancement Outcomes, a section of Mastercard's report gauging women's progress and degree of marginalization economically and professionally.

Following the Philippines are Colombia, Russia, and Brazil. The United States ranked eight and Vietnam 10th.

The 65.9 score of the Philippines indicates there is strong representation for women as business leaders, professionals, and technical workers. The report said it also means women in the country are equally inclined to venture into entrepreneurship as men.

Overall, the Philippines' high index score means the country offers a friendly business environment for women.

"Markets with high index scores generally offer the most conducive and supportive conditions that not only drive women's inclination towards entrepreneurship, but also their capacity to nurture and grow their business start-ups," the report said.