Freelancing a New Era in the Philippines: Is it for you?

The Philippines has emerged as a top freelance travel destination in recent years and for a good reason. With its large English speaking population, affordable living, and good internet infrastructure, the Philippines offers the perfect environment for freelancers to succeed. As a result of the COVID-19 epidemic, the number of freelancers has increased in the Philippines, with more people looking for alternative sources of income or losing their jobs. As we move to remote work, freelancers are becoming increasingly popular among businesses due to their particular talents and cost-effectiveness.

Now let’s look at some statistics, According to the International Labor Organization’s Online Labor Index, about 1.5 million registered freelancers worked in the Philippines in 2020, up 25% from the previous year. A PayPal survey found that 74% of Filipino freelancers expect demand for their services to increase in 2020, and 54% reported an increase in income. According to his 2022 Payoneer survey on the Philippine freelancing industry, up to 1.5 million Filipinos work for independent contractor platforms that provide content development and customer service to domestic and international clients.

The Philippines also has excellent internet infrastructure, essential for remote work. According to the Speedtest Global Index, the Philippines’ internet speed ranks 52nd globally, with an average download speed of 58.73 Mbit/s. Freelancers can work and communicate with clients without interruption using high-quality video conferencing tools. Freelancing jobs are expected to grow in the Philippines and elsewhere due to the changes in the labor market caused by the pandemic. With its edge and drawbacks, we will say why it’s right for some people and not suitable for others.

Pros of Freelancing:

1. Flexibility: One of the benefits of freelancing is that you can set your own schedule. Freelancers can choose when and where they work, allowing for a more flexible lifestyle. This can be of particular interest to those who have other commitments such as family or personal interests. But if you are more comfortable with the regular schedule, think again.
2. Control: As a freelancer, you are the boss. You have complete control over the projects you submit, the clients you work with, and the fees you charge. You can also work from the comfort of your home or a nice hotel while on vacation. This is liberating for those who want more autonomy in their work.
3. Variety: Freelancers often work in various fields, offering a variety and excitement not available in traditional work. Upskilling is required for this type of work, and you must always be open to learning, so give yourself room for improvement.
4. Increased income potential: Freelancers often charge higher rates than traditional employees, particularly if they have specialized skills or experience. Additionally, with time flexibility, freelancers can take on more projects, leading to increased income.

Cons of Freelancing:

1. Uncertainty: Freelancers need a steady paycheck, which can be stressful for those seeking financial stability. Freelancers must constantly seek new clients and projects to ensure a steady income stream. Although life is good when you already have established yourself in a specific niche you want and you have years of experience handling different tasks and clients. However, it can be challenging to transition from regular work to freelancing. So self-learn to quit your job only when you have a sure client.
2. Isolation: Freelancing can be really lonely, as you often work independently without the social support of a traditional workplace. This can be particularly challenging for those who thrive on collaboration and social interaction.
3. No benefits: Freelancers do not typically receive benefits such as health insurance, paid time off, or retirement plans. This can be a significant disadvantage for those who rely on these benefits.
4. Additional responsibilities: You are your own HR in freelancing and are responsible for managing your finances, taxes, and business operations. This can be time-consuming and overwhelming, particularly for those who do not have experience running a business.

Suitability of Freelancing:

Freelancing may suit individuals who value flexibility, control, and variety in their work. Additionally, those with specialized skills or experience can command higher rates as a freelancer. However, freelancing may not be suitable for those seeking stability, social interaction, or traditional benefits. Also, freelancing requires self-discipline and business acumen, which may only suit some. Freelancing, like other jobs, has its pros and cons. It can provide freedom and control over one’s work but also comes with uncertainty, isolation, and additional responsibilities. It is important for individuals to carefully consider their own needs and priorities when deciding whether freelancing is the right path for them.