According to a new report from Payoneer and GCash, the gig economy is booming in the Philippines. It shows that many Filipinos are thriving as freelancers, benefiting from the growth of overseas freelancing.
Both companies surveyed freelancing trends and behaviors in the Philippines, and five thousand five hundred sixty GCash users were observed across the country. Among its key findings, the report discovered that freelancers who work locally and overseas earn 57% more per hour than those who work only locally.
With a 35% growth in freelance earnings, the Philippines placed sixth in Payoneer’s Global Gig Economy Index 2019. Due to mobility restrictions, more Filipinos turned to freelance during the pandemic.
Due to this, Filipino freelancers increased in number in 2020-21, accelerating the gig economy trend.
The unpredictability of an income stream does not deter Filipino freelancers from enjoying job flexibility, workload control, and the potential to earn more. Nowadays, many Filipinos prefer freelancing to traditional employment because of its numerous benefits and suitability for their lifestyle.
According to the survey, most Filipino freelancers still source their jobs in the Philippines. Still, they are also in demand in Hong Kong, South Korea, Taiwan, and the United Arab Emirates. GCash and Payoneer’s market report indicated that up to 1.5 million Filipinos are register. On international online platforms to work as freelancers, according to Creative Economy Council of the Philippines President Paolo Mercado.
“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,” — Miguel Warren, Vice President of Payoneer for South East Asia.
Using its secure payment platform, Payoneer simplifies cross-border payments for freelancers and manages the complexities of moving money.
The survey found that freelancers look for payment platforms that are secure and accessible. Payment platforms are also chose based on transaction fees, the ease of transferring funds to bank accounts, fast crediting. Exchange rates, and live technical support.
Most freelancers use GCash to receive local payments from clients and Payoneer for overseas payments with higher rates. Payoneer has partnered with GCash to provide freelancers with a seamless and convenient payment system.
With GCash, users can receive foreign currency overseas with Payoneer and withdraw the funds locally for free in PHP via the GCash app by linking their Payoneer account. The service allows freelancers to receive payments in various foreign currencies, including USD, EUR, GBP, and AUD.
Download The Philippines Freelance Market 2022 Report now to learn more about the gig economy in the Philippines.
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