THE digital revolution and its pivotal role in reshaping business models and changing the nature of economic and industrial sectors were the main talking points at the PayPal Gig Economy Media Summit in Makati last Sept. 19.
The forum was headlined with topics revolving around the millennial generation’s part-time labor force, aka the “gig economy,” where nine out of 10 freelancers based on the PayPal Global Freelancer Study were under 40 years old, which include traditional freelancers, craftspeople, independent contractors, micro-entrepreneurs, and shift workers.
Joining the forum were Nagesh Devata, PayPal Head of Cross-border Trade in Southeast Asia, and Abhinav Kumar, Head of Strategic Partnerships in Southeast Asia.
Discussions concerning the Philippine freelancer economy were led by Shahab Shabibi, CEO and Co-founder of Machine Ventures; Nicholas Padilla, CEO and Space Captain of Kahon.Ph; and Luarni Sim, freelance graphic designer and LEGO Builder at Messy Maru.
“Digital platforms have made the gig economy a global ecosystem. In this context, Filipinos need to be competitive at the international level,” said Nagesh. “Proper mentorship and guidance are key in enabling this growing community.”
With technology and socio-economic trends continuously reforming business models, the type of jobs needed have consequently been changed, which leads to a major job churn for employees, several of whom are at risk of automation, while others are lagging behind in skill development.
Although gig workers now have access to an increasing number of jobs across multiple industries, they also face significant challenges in obtaining security in today’s economy.
In exchange for the flexibility and control over certain aspects of their work, freelancers lose the usual benefits entitled only to traditional employees such as health insurance or performance bonuses.
Currently, 85% of freelancers in Southeast Asia use PayPal as a payment method, where 58% of the gig community acquire work through various freelancer platforms.
“Millennials will occupy the majority of the global workforce in three years. They are the on-the-go generation, with highly differentiated preferences when it comes to work.” said Nagesh.
“The Philippines is one of the world’s most dynamic markets for freelancers and solopreneurs, and through the Freelancer Community Program, PayPal is giving them the opportunity to upskill by hearing from established freelancers in the community,” he concluded.
PayPal is an American company on worldwide online payments system, leading the online money transfers industry in more than 200 markets globally and will launch a series of workshops, seminars, and webinars as part of the PayPal Freelancer Community Program.