The average cost of sending money overseas rose to 6.49% in Q1 2025, according to the World Bank’s Remittance Prices Worldwide Report, more than double the UN’s target under the Sustainable Development Goals. This increase significantly impacts small and medium enterprises (SMEs)—which employ 63% of the Philippine workforce—by eroding profits and limiting global competitiveness.
To address these challenges, Payoneer offers SMEs a faster, more transparent, and affordable way to manage cross-border payments. “More and more SMEs are choosing Payoneer as their trusted partner,” said Nagesh Devata, Payoneer SVP for APAC. “We delivered 16% year-on-year revenue growth in Q2 2025, driven by SMEs who rely on us to power their international expansion.”
Payoneer’s multi-currency receiving accounts enable Filipino businesses to receive global payments as if they were local, reducing reliance on costly wire transfers. By simplifying international transactions, Payoneer helps SMEs boost efficiency and improve cash flow.
Recognizing that scaling globally requires more than just payments, Payoneer acquired Skuad in 2024, providing Employer of Record (EOR) services in over 160 countries. This equips SMEs with tools to navigate compliance, payroll, and HR challenges when hiring abroad—empowering them to expand seamlessly into new markets.
Through its secure platform and business-grade financial stack, Payoneer is helping Philippine SMEs grow with greater ease, reliability, and confidence. As Monique Avila, Payoneer’s Head of Customer Success for APAC, shared, entrepreneurs like Sherwin Alegre of Microsource Inc. have transformed their operations and expanded across Southeast Asia thanks to Payoneer’s solutions.
By enabling more efficient and affordable global transactions, Payoneer strengthens the country’s digital economy, supporting a more resilient and globally competitive SME sector.
