MANILA -Malaysia-based earned-wage access (EWA) service provider Paywatch now operates in the Philippines, offering workers an alternative borrowing platform by enabling them partial access to their salaries before the end of their payroll cycle.
With headquarters in Kuala Lumpur, the digital-powered company is also present in South Korea, Hong Kong and Indonesia.
Rowell del Fierro, president of Paywatch Philippines, said in a statement that so many Filipinos are faced with petsa de peligro or running out of money before the next payday, on top of various financial challenges — especially debts.
“With this EWA innovation at hand, we at Paywatch aim to alleviate the financial stress that every Pinoy worker knows all too well,” del Fierro said. “Moreover, it also contributes to strengthening businesses as it helps keep its employees secure and productive.”
He added that employers and enterprise that get onboard also benefit from Paywatch by addressing retention and productivity issues.
Paywatch has noted that Southeast Asia faces a 67-percent turnover in its workforce, which greatly affects the business landscape in the region.
The company added that employers who partner with Paywatch have also noted an increase in employee retention, at 26 percent after the service was offered.
In the Philippines, one of Paywatch’s first partners is Shang Properties and introduced EWA as a debt free financial access tool for their employees.
Citing results from the Bangko Sentral ng Pilipinas noted in its Financial Inclusion Survey in 2021, Paywatch noted that almost half of Filipinos had an outstanding loan, with family, friends, and informal lenders as top sources.