Financial services company Payoneer and mobile wallet app GCash recently released The Philippines Freelance Market 2022 Report, a survey report on the current state of the gig economy in the Philippines. The white paper shows that many Filipinos are thriving as freelancers, benefitting from growing overseas freelancing opportunities.
Payoneer and GCash conducted a survey on freelancing trends and behaviors in the Philippines. With 5,560 GCash users across the country as respondents. Sharing the key findings, the report revealed that freelancers who work with local and overseas clients earn 57% more per hour than those who work with just local clients.
Why the gig economy in the Philippines flourishes
In Payoneer’s Global Gig Economy Index 2019, the Philippines landed in sixth place as the fastest-growing market in the world, with a 35% growth in freelance earnings. At the onset of the pandemic, more Filipinos turned to freelancing as a way to generate income despite mobility restrictions. This accelerated the gig economy trend in the country and increased the ranks of Filipino freelancers in 2020-21.
Despite the unpredictability of a steady income stream and job stability, Filipino freelancers continue to take advantage of the benefits of freelancing such as job flexibility, workload control, and greater earning potential from multiple income streams. Given the many benefits of freelancing, many Filipinos now prefer this flexible livelihood option that suits their lifestyles better than traditional employment.
With the government promoting entrepreneurship and digital innovation, freelancers in the Philippines are driven to find work opportunities through online marketplaces and apps. Digital platforms have made it easier for Filipino freelancers to find clients who need services such as photography, blogging/vlogging, graphic design, writing, videography, as well as architecture and engineering.
Overseas freelance opportunities abound
While most freelancers still source their jobs in the Philippines, the survey suggests that more and more Filipino freelancers are in demand across countries including the United States, the United Kingdom, Hong Kong, South Korea, Taiwan, and the United Arab Emirates. GCash and Payoneer’s market report mentioned that, according to Creative Economy Council of the Philippines president Paolo Mercado, up to 1.5 million Filipinos are registered on international online platforms for freelancing services.
“As Filipinos are renowned for their creativity, work ethic, and customer service orientation, it is not surprising that more and more international businesses are willing to pay for Filipino talent. This should motivate more freelancers in the Philippines to take their freelancing journey to the global stage and benefit from higher earning potential,” said Miguel Warren, vice president of Payoneer for South East Asia.
Importance of timely and secure payment
One thing that holds back Filipino freelancers from pursuing overseas clients is the challenge of securing timely payments from foreign clients. Delayed or denied payments can negatively affect freelancers’ finances. To ensure timely and secure payments, freelancers need a reliable payment platform that connects them to clients from anywhere in the world. With a payment platform, freelancers can conveniently request payment from both local and international clients.
According to the survey, freelancers consider security and accessibility when selecting payment platforms. They also choose payment platforms based on other factors like transaction fees, the convenience of transferring to bank accounts, fast crediting, exchange rates, and live technical support.
Supporting Filipino freelancers in going global
Recognizing freelancers’ need for secure and timely payments, Payoneer simplifies payment for cross-border and manages the complexities of moving money through its easy-to-navigate, secure, and affordable payment platform.
As many freelancers mainly use GCash to receive payments from local clients and Payoneer for receiving overseas payments with higher rates, Payoneer has partnered with GCash to provide freelancers a more seamless and convenient payment experience.
By signing up and linking a Payoneer account via GCash, users can receive foreign currency overseas with Payoneer and withdraw the funds locally in PHP instantly for free via the GCash app. This enables freelancers to receive payments from global clients in foreign currencies like USD, EUR, GBP, AUD, and more.
“With the feature that allows users to link their Payoneer and GCash accounts, we hope to encourage more freelancers to provide their services to international clients. Together with GCash, we hope to do something more in the future to help our Filipino freelancers succeed in the global economy, ” added Warren.