Online payment firm Payoneer launches in PHL

Seeing the potential of online outsourcing in the Philippines, New York-based online payments company Payoneer formally opened its office in the country.

"We see so much potential in the Philippines because of our people. Because of the fact that a big part of our workforce actually does online outsourcing," Miguel Warren, Payoneer's country manager in the Philippines, said in an interview during the firm's launching late Thursday in Taguig City.

Warren cited the World Bank Global Opportunity in Online Outsourcing report last year where the global online outsourcing industry is seen to rake in revenues ranging from $15 to $20 billion by 2020.

In the same report, the Philippines is listed among the top five countries for online outsourcing comprising 18.6 percent of the global online workforce.

"We feel that there's so much potential in the Philippines that now is the time for us to establish our presence and get closer to our clients and empower them to seize global opportunites," Warren said.

He said Payoneer has been operating in the Philippines since 2009 and being handled by its Asia Pacific regional office based in Hong Kong.

"We are strengthening our presence in this country that is already familiar with our services," Warren said.

He added that from 2010 to 2015, Payoneer registrations have surged 230 percent and volumes increased by 307 percent.

"Over the last five years, we've grown in terms of registrations and volume," the Payoneer's country manager said.

With this growth, Warren said Payoneer decided to formally establish presence in the country.

"So we continue to become very positive of the Philippine opportunities for Payoneer," he said.

With the establishment of its local office in Manila, Payoneer said it can now offer even better services to freelancers and creative outsourcing professionals as well as growing numbers of small medium enterprises.

Payoneer is a digital financial services firm that provides payments solutions with its cross-border payments platform. —KBK, GMA News