Payoneer and GCash have released a survey report on the present situation of the Philippines’ gig economy. The report, dubbed The Philippines Freelance Market 2022 Report, reveals that many Filipinos are thriving as freelancers, owing to expanding foreign freelancing prospects.
Both organizations conducted a poll on the patterns and behaviour of freelancers in the Philippines. Respondents included 5,560 GCash users from across the country. According to the report’s primary results, freelancers who work with both local and international clients earn 57 percent more per hour than those who just work with local clients.
According to Payoneer’s Global Gig Economy Index 2019, the Philippines ranked sixth as the world’s fastest-growing market, with a 35% increase in freelance earnings. With the commencement of the pandemic, more Filipinos turned to freelancing to supplement their income despite mobility constraints. This advanced the country’s gig economy trend and swelled the ranks of Filipino freelancers in 2020-21.
Despite the unpredictability of a consistent revenue stream and employment security, Filipino freelancers continue to profit from the advantages of freelancing, such as job flexibility, task control, and increased earning potential from numerous income streams. Given the numerous advantages of freelancing, many Filipinos increasingly prefer this flexible source of income to traditional work.
While the majority of freelancers still find work in the Philippines, the poll indicates that more Filipino freelancers are in demand in nations such as the United States, the United Kingdom, Hong Kong, South Korea, Taiwan, and the United Arab Emirates. According to Creative Economy Council of the Philippines President Paolo Mercado, up to 1.5 million Filipinos have enrolled on worldwide online platforms for freelancing services, according to GCash and Payoneer’s market analysis.
“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.
Payoneer simplifies cross-border payments and manages the complexity of moving money through their secure payment network, recognizing freelancers’ demand for secure and timely payments.
According to the report, while choosing payment channels, freelancers prioritise security and accessibility. They also select payment platforms based on aspects such as transaction fees, the ease of moving funds to bank accounts, quick crediting, exchange rates, and live technical assistance.
Many freelancers primarily use GCash to collect payments from local clients and Payoneer to receive higher-rate foreign payments. Payoneer has joined with GCash to give freelancers with a more smooth and easy payment experience.
Users can receive foreign currency internationally with Payoneer and withdraw the funds locally in PHP quickly and for free using the GCash app by signing up for and linking a Payoneer account. This enables freelancers to get payments in foreign currencies such as USD, EUR, GBP, AUD, and others from global clients.
Download The Philippines Freelance Market 2022 Report to learn more about the gig economy in the Philippines.