As such, it was the best performer in Asia, boosted by gender equality in education, politics and an improvement in wage equity.
The forum pointed out that while the world has closed 68% of its gender gap, only one pillar - economic opportunity - made progress in contracting the gulf this year. This year, the Philippines ranked 14th out of 149 countries, per the WEF report, The report added that the gender gap in equality in terms of educational attainment in the Philippines remained sealed.
At the current rate of progress, the global gender gap will take 108 years to close, and the workplace gender gap 202 years, WEF said.
According to the report, the largest gender gap is in the political realm, with a global average of 77.1%. In other words, to date there is still a 32 percent average gender gap that remains to be closed.
The United States continued its decline, slipping two places to 51st, with the report in particular blaming "a decrease in gender parity in ministerial-level positions". "Proactive measures that support gender parity and social inclusion and address historical imbalances are therefore essential for the health of the global economy as well as for the good of society as a whole". For example, the proportion of women has decreased in the parliaments, in addition, there are gaps between the sexes in the area of education.
However, the report points out that there are only a limited number of women in leadership roles in the political and economic fields.
NKorea: US sanctions block denuclearization
On Monday, the US Treasury Department sanctioned three senior North Korean government officials over alleged human rights abuses. Now Pyongyang is demanding sanctions relief and condemning USA insistence on its nuclear disarmament as "gangster-like".
The report showed that there were now proportionately fewer women than men participating in the workforce, suggesting that automation was having a disproportionate impact on jobs traditionally performed by women.
"When we consider only managers for the subset of countries for which recent data are available, just about 34 per cent of global managers are women". At the same time, however, there is full parity on this indicator in five countries - including the Bahamas, Colombia and Jamaica - and in another 19 countries at least 40 percent of women are in managerial positions.
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.
"More than ever, can not afford to companies, to waive the skills, ideas and perspectives of half of humanity", said WEF founder Klaus Schwab in the report. Yahoo Finance's Adam Shapiro and Julie Hyman discuss with Saadia Zahidi, managing director at the World Economic Forum.
Iceland tops the list, followed by Norway, Sweden, Finland, Nicaragua, Rwanda, New Zealand, the Philippines, Ireland and Namibia.