The Philippines was ranked 8th most gender-equal country by the World Economic Forum for 2018, a two-step rise from previous year.
Stagnation in the proportion of women in the workplace and women's declining representation in politics, coupled with greater inequality in access to health and education, offset improvements in wage equality, the report found.
The group looks at several measures of equality between men and women in this year's Global Gender Gap Report, released yesterday.
The reality: Differences in economic opportunity, including pay between men and women, are so vast it'll take 202 years to fully bridge them, according to the World Economic Forum (WEF).
Korea ranked 118th in last year's report, with a gender gap index of 0.650.
"The corollary is that the substantial investments made by many economies to close the education gap are failing to generate optimal returns in the form of growth".
According to the WEF, there is a 32% disparity between men and women that needs to be closed on a global level.
The WEF highlights that women represent only 22 percent of the workforce for artificial intelligence, a major driver of innovation focused on machine learning.
Similarly, women hold just 34 percent of managerial positions across the countries where data is available - and less than 7 percent in the four worst-performing countries - Egypt, Saudi Arabia, Yemen and Pakistan.
Women make up 42% of Finland's parliament and 38.5% of ministers, which accounts for the nation's strong political empowerment rating.
The world is finally back on track to narrowing the global gender gap this year. This gap is three times larger than in other industry talent pools.
"While a lot of the narrative in the past tended to focus on men in blue collar work in factories, there are a lot of women in blue collar or service work that are also being displaced - and that trend is starting to become more marked", she said.
For instance, while Western European countries could close their gender gaps within 61 years, countries in the Middle East and North Africa will take 153 years, the report estimated. The data showed that the income gap between men and women narrowed at almost 51% in 2018.
"More than ever, societies can not afford to lose out on the skills, ideas and perspectives of half of humanity", said Klaus Schwab, executive chairman of the WEF. Despite its top performance, the country has seen a slight regression on economic participation and opportunity after an increased gender gap in the number of women legislators, senior officials and managers.