COSE collaborates with UN Women Philippines in promoting financial security of older women
In a bid to promote older women’s financial security in the Philippines, Coalition of Services of the Elderly or COSE collaborates with UN Women Philippines.
In a bid to promote older women’s financial security in the Philippines, Coalition of Services of the Elderly or COSE collaborates with UN Women Philippines.
Filipinos over the age of 60 account to 6.3 million or 6.8% in 2010 to 7.5 million or 7.5% in 2015. Of this number, 55% are older women. While women outlive men, evidence suggests that older women are found to be less financially secure than men. They are more likely than men to be in informal and vulnerable work with lower to no incomes and get lower pensions because women’s accumulated funds in the individual accounts are lower than men’s. With the limited income from work and pension, older women are more likely rely to informal sources such as support from the family and remittances from family members working overseas. In fact, based on a study, more mothers than fathers (26% vs 10%) report their children within the country as their main source of income.
To address this, the Coalition of Services of the Elderly or COSE, one of the members of the Regional Learning Network on Women’s Financial Security in Old Age, is currently implementing a two-year project titled Promoting Older Women Financial Security in Southeast Asia or Pro-Older Women Project. One of the project objectives is to develop a strong network of women and ageing organizations working together by developing common agenda and strategies for older women’s financial security.
In March 3,2020, knowing UN Women’s main thrusts is economic empowerment of women and girls, COSE sought partnership with UN Women Philippines in implementing Pro-Older Women Project. Through WeEmpowerAsia, a UN Women’s initiative, the two organizations agreed to collaborate and identified ways in raising awareness on older women’s issues and in gathering women organizations interested to work on ageing. .
During one of WeEmpowerAsia’s Discussion series, Economic Impact of COVID-19 to Women, COSE was invited to present situation and issues of older women and how this can be addressed. As a follow up activity, COSE and WeEmpowerAsia will hold an online dialogue on the specific vulnerabilities and insecurities of older women as highlighted by the pandemic. The said dialogue will gather older women’s voices from different organizations and sectors such as the urban poor, farmers and fisherfolks, entrepreneurs and persons with disabilities.
COSE’s partnership with UN Women Philippines through WeEmpowerAsia provides great potential to address the lack of strong and committed networks and institutions that will promote financial security of older women in the Philippines.