Are the Philippines the top freelance market?

That’s right, Philippines could very well be the top freelance market.

🔊 Listen to this

The gig economy in the Philippines is still expanding quickly, and there are always new ways for freelancers to make money, according to a recent poll of Filipino freelancers conducted by GCash and Payoneer.

Gig jobs and freelance labor are distinguished by their transient nature and by the use of online job boards and mobile apps. Finding work and being paid are now easier thanks to digital platforms.

Many workers are choosing flexible employment options over regular employment because they better fit their lifestyles. The freelance lifestyle is prevalent today.

Due to the pandemic, many Filipinos began freelancing full-time, but many have since found that they love the job flexibility and possibilities for numerous streams of income.

An increasing number of people are moving away from regular employment and toward freelancing as the Philippine government continues to support entrepreneurship and digital innovation.

While the majority of Filipino freelancers still find their work domestically, individuals who work for both domestic and foreign clients have the best chance of making a good living.

Principal conclusions of the survey

• 69% of freelancers own their own firms and conduct freelance work on the side
• Although traditional freelance work is still widely available, the advent of social media has resulted in the emergence of new categories of freelancers, including: 35% of users consider themselves to be content providers.
• The absence of benefits provided by companies is one of the primary sources of stress and anxiety for independent contractors. 37% are concerned about their future income, 29% are concerned about their personal isolation, and 23% are concerned about both.
• According to the responses of all freelancers polled, the most important factors to consider when choosing payment platforms are accessibility and security.
• The number of Filipino freelancers looking for work in other countries, particularly in significant markets such as the United States of America, the United Kingdom, Hong Kong, South Korea, Taiwan, and the United Arab Emirates, continues to grow.

Freelancers’ professional profiles

• 33 percent of independent contractors belong to the Generation Z age group (up to 25 years old) or are recent labor market entrants.
• 22% of the population is made up of Millennials (those aged 26 to 41), who are either just starting a family or are in the early stages of doing so.
• 28% of freelancers are now members of Generation X or Boomers (those aged 42 to 67) who are either responsible for the upbringing of older children or have well-established family priorities.

These individuals prioritize growing their income so that they can provide for their families, and as a result, they frequently juggle the demands of freelancing with the pursuit of business prospects.

In the Philippines, the economy of freelancers is doing quite well

Although freelancers come from a wide range of socioeconomic backgrounds, the majority of those from the middle class and below live in the National Capital Region and on Luzon.

The majority of people who work as freelancers in the Philippines are also the owners of their own businesses, which they run in addition to their freelance work.

69% of freelancers run their own businesses while also taking on gigs, while 18% take on several assignments from a variety of clients at the same time. 1 in 10 people have a full-time job while also looking for a “side hustle.”

There is a significant amount of traditional freelance work available in the market

Traditional freelancers are those who compete for employment by placing bids on job postings created by clients and/or are persons who are represented by a corporation or agency that resells the services of freelance workers.

Individuals that develop content and distribute it through personal websites or social media platforms are referred to as “Content Creators.” It is normal practice for them to produce and publish their work before they have secured any clients.

The most common types of work for traditional freelancers include sales and marketing, customer service, and data entry. These traditional freelancers typically acquire their work through Facebook or through referrals from their friends.

The impact of social media has resulted in the emergence of new categories of independent workers

The conventional paradigm of freelancing, which consisted of a pre-determined contract and less flexible working arrangements, has given way to a model that is more conducive to content creators, online influencers, and digital nomads as a direct result of the rise of social media.

As a means of acquiring new clients, these freelancers frequently concentrate their efforts in the areas of design, photography, blogging, and vlogging.

In addition to this, they are selling their wares through the use of several online markets and messaging apps.

After Facebook, a number of different employment sites and platforms for the gig economy are the next most common places for freelancers in the Philippines to look for work opportunities. Instagram has quickly moved into the number two position when it comes to landing projects in other countries.

According to the reports of a great number of Filipinos, another significant source of freelance work is recommendations from friends.

New opportunities to the top freelance market carry some weight at times

Freelancers in the Philippines take pleasure in increasing their prospects, but they are concerned about a number of issues, including the absence of benefits, the unpredictability of their income, and working alone.

The lack of business perks such as health insurance and medical allowances is a concern for traditional freelancers who are typically raising families.

While many people like the opportunity and freedom that freelancing provides, this lack of benefits is a concern for traditional freelancers.

Freelancers are susceptible to experiencing high levels of stress because of the unpredictability of a consistent income stream and work stability.

Freelancing can be challenging for content creators because it often requires them to operate independently. Keeping their finger on the pulse of trends in outsourcing in order to uncover opportunities to develop their customer base overseas is another problem they face.

Looking to the future: the skill sets that entrepreneurs who work for themselves hope to obtain so they can expand their businesses

Freelancers have expressed a desire to acquire and cultivate common freelance skill sets such as communication, marketing, and project management, as well as investigate knowledge that is unrelated to their career.

These content creators can put their knowledge of Salesforce to use either by exploring career opportunities outside of their field or by utilizing the platform to meet their own requirements in terms of marketing, sales, and customer support.

Those freelancers who work with clients located in their immediate area are interested in expanding their knowledge of Salesforce administration, whilst those whose clients are located further afield prefer graphic design, editing, and proofreading services.

Because of the positive perceptions held of them in other countries, Filipinos have various possibilities as they are:

1. English-proficient
2. Demanding reduced overall expenses of labor (compared to the US or Europe)
3. Used to contracting work out to third parties
4. Belonging to a society that places a high value on toiling hard
5. People who are comfortable working in a variety of international environments who are global citizens

The number of opportunities for freelancing work overseas is expected to continue growing

The United States of America, the United Kingdom, Hong Kong, South Korea, Taiwan, and the United Arab Emirates are just few of the countries where the need for the services of freelancers who sell worldwide and also serve local clients is expanding.

More money is made by freelancers who work for a combination of domestic and international clients in the top freelance market

Freelancers that have both local and international clients, on the other hand, create a higher average rate across all of our respondents. This is because the former tend to pay more than the latter.

Freelancers from the Philippines are aware that they can increase their rates due to the talents they offer and the value they bring to clients from other countries, who are ready to pay more for work that is of a higher quality.

During an event in June 2021, the President of the Creative Economy Council of the Philippines (CECP), Paolo Mercado, stated that as many as 1.5 million Filipinos are already using international online platforms to provide freelancing services.

The vast majority of these services involve creative labor, such as web design and the creation of multimedia content and editing. According to what Mercado remarked, “We are already positioned that (creative work) will become the next wave, in reality, of outsourcing in the Philippines.” (Information obtained from BusinessMirror)

When deciding between different payment platforms, the most important factors to take into account are safety and usability

When deciding between different payment systems, security is the most important factor to take into account, followed by the costs associated with transactions and the ease with which funds may be transferred to bank accounts.

However, the simplicity of the service and the speed with which credits are issued are given a higher importance by content creators than transaction fees. There are also noteworthy differences between freelancers who work with local clients and those who work with clients from other countries.

Freelancers who work with clients from other countries place a greater emphasis on live technical support and exchange rates.

Top freelance market: In today’s unpredictable world, more and more options exist for people to work independently

The epidemic just served to hasten the transition to freelancing, as the gig economy in the Philippines was already on its way to becoming an unstoppable trend before it began. The following are some key takeaways from this survey:

Freelancers in the Philippines are expanding their clientele beyond local businesses

Freelancers who work for both local and international clients bring in 57% more money per hour than their counterparts who focus just on the domestic market.

The pandemic was the impetus for many people to begin their careers as freelancers

During the epidemic, many people in the Philippines needed other sources of income or sought work that allowed for flexible hours.

Independent contracting will be around long after the pandemic has passed

Because of its adaptable nature, ability to be performed from home, and diversity of revenue streams, freelancing continues to be an appealing career option.

Payment on a project basis is preferred for the top freelance market

When choosing payment platforms, it is important to take into account factors such as security, the cost of transactions, the ease of moving funds to a bank account, the speed with which payments are credited, and the exchange rates.

GCash & Payoneer established themselves as a method for making payments and covering expenditures in the top freelance market

Freelancers use GCash mostly to collect payments for products or services they have provided as well as to pay for their own personal needs. Payoneer is recommended for use when collecting payments from customers located in other countries.

GCash and Payoneer make it possible for customers located in other countries to make payments

Payoneer has formed a partnership with GCash in the Philippines to facilitate the access of freelancers, online sellers, and digital entrepreneurs to clients located all over the world and the receipt of payment in a variety of foreign currencies, including US Dollars, Euros, British Pounds, Australian Dollars, and others.

In addition to using it to pay for their own personal costs, the primary reason why freelancers use GCash is to get money for the products or services they provide.

Especially among conventional freelancers and as a payment platform through Facebook, which is the principal source of their jobs, Payoneer is used at a greater rate for payments that are made only in foreign countries.

Users are able to receive international payments with Payoneer and promptly withdraw the monies locally in PHP via the GCash app if they sign up for and link a Payoneer account via GCash.

After registering for a GCash account and linking it to a Payoneer account, users are able to accept international payments using Payoneer and instantly withdraw the funds in their local currency, PHP, using the GCash app.

Put money in your account from any location in the world and save it all in one convenient spot! 

• Work from anywhere in the world and still get paid
  Payoneer allows you to accept payments from customers located in other countries or from online marketplaces.
• Having no bank account is not a problem at all
  You don’t need a bank account to open a Payoneer account because you may do it through the GCash app.
• Real time
  Using the GCash App, you will always have access to your Payoneer cash and will be able to make withdrawals in real time.
• Creating an account with GCash is quick and simple
  Within the GCash app, it is now possible to open a Payoneer account with just a few clicks of the mouse.

---

DISCLAIMER:
This article is not endorsed by GCash or Payoneer. The reason why they were mentioned is simply because I personally use these services (payoneer) and am so pleased with the results.
SOURCE:
https://blog.payoneer.com/freelancers/philippines-freelance-market-2022-report/