Payoneer and GCash released a survey report on the current state of the gig economy in the Philippines. Entitled The Philippines Freelance Market 2022 Report, the study shows that many Filipino are thriving as freelancers, benefitting from growing overseas freelancing opportunities.
Both companies 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.
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.
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.
Recognizing freelancers’ need for secure and timely payments, Payoneer simplifies payment cross-border and manages the complexities of moving money through its secure payment platform.
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.
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.
Learn more about the gig economy in the Philippines by downloading The Philippines Freelance Market 2022 Report at right here.
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