Payoneer: The world's go-to partner for digital commerce everywhere
Gig economy in the Philippines Unlike traditional, full-time jobs where people work for just one employer, freelancers who make up the gig economy often work for several clients performing a wide variety of tasks. In fact, those who work exclusively as freelancers, even those without advanced college degrees, have been found to earn a higher hourly rate and have also been found tox be more satisfied with their lifestyle, compared to those who split their time working for a company. Now, if you think that the gig economy or freelancing is a concept alien to the Philippines, you’d be surprised to learn that there are roughly 1.5 million such workers in the country, and before the pandemic, we ranked 1st among the fastest-growing gig-economy markets in the world, with a remarkable 208% year-on-year growth. The youth movement is led by freelancers in Asia, where 82% of the survey respondents are under 35, compared to only 47% in North America. These facts were revealed by Miguel Warren, Vice-President, Regional Head - Southeast Asia for Payoneer, the NASDAQ listed, cross-border fintech payment platform that empowers entrepreneurs and freelancers to grow and expand globally. Payoneer in the Philippines According to Warren, Payoneer has actually been available for use in the Philippines since 2009 with the local offices officially opening in 2016. “I myself joined Payoneer in 2016 as the Country Manager of the Philippines,” he says. “My job back then was to build up the Philippine team, to grow the business and the market by introducing Payoneer to all of the different stakeholders involved.” Payoneer, which recently undertook a brand refresh to reflect their promise “to be for everyone everywhere,” has truly come a long way. Today, volumes have grown more than 1000% in the Philippines, translating to triple-digit growth in the last 5 years. And since setting up shop locally, the company has helped millions of freelancers and small businesses tap into the global economy, enabling them to send and receive hundreds of millions of dollars in payments between different countries, a feat almost unheard of decades ago. Additionally, Payoneer has been actively working with local businesses of all sizes—from emerging BPO’s, small businesses that provide services to customers in different countries, to sellers who sell on Amazon and on eBay—a clear boon in these times. Empowering Freelancers
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