Nowhere is that fragility clearer than in the digital economy's gig sector, now one of the country's largest sources of livelihood: online sellers, delivery riders, drivers, freelancers, hundreds of thousands of families who found opportunity here precisely because these platforms didn't exist under the old rules.
The rapid rise of freelancing in the Philippines is creating new opportunities for independent workers, but it is also exposing them to financial and personal risks that traditional employees often do not face.
Filipino freelancers need financial tools that make receiving global payments easier while minimizing fees and foreign exchange losses, officials and industry players said at a roundtable focused on strengthening the country’s fast-growing gig economy.
The gig economy in the Philippines is booming, with nearly 10 million Filipinos—about 22 percent of the country’s employed population—now participating in gig work, according to data from the Philippine Statistics Authority. This surge is reshaping the labor landscape, as more workers seek flexibility and supplemental income.
Bank of the Philippine Islands (BPI) and BPI MS Insurance have launched BPI Freelancer, a personal accident insurance product designed specifically to address the protection gaps faced by the country’s growing freelance and self-employed workforce.