Ken Research Latest report on Online Remittance Philippines which covers Online Remittance Philippines,Online Bill Payment Philippines,Migration in Philippines,Bill Payment mode Philippines,Personal Remittance Philippines Statistics,Philippines Remittance Statistics,Pawnshop business growth, OFW Remittance Statistics,Online bill payment services in the Philippines,Money Transfer Operator Remittance Philippines,International Remittance Philippines,Inbound remittance Philippines,Outbound remittance Philippines,

1. Philippines Domestic and International Money Transfer
Market Report – 2021: Ken Research

2. Philippines Domestic and International Money Transfer Industry Outlook
to 2021 – Growing Number of Overseas Filipino Workers and
Technological Advancements to Aid Market Growth” provides a
comprehensive analysis of remittance and bill payments market in
Philippines. The report covers market size, segmentation on the basis of
remittance corridor, mode of remittance, major occupation group and
distribution of OFWs by cash remittance sent for international remittance
market. For domestic remittance market it covers market size,
segmentation on the basis of remittance channel, type of services and
major flow corridors. It also includes the bill payments market in the
country covering the market size and segmentation by type of bills. The
report also covers government regulations in the market, competitive
landscape and company profiles for major players in the remittance and
bill payments market. The report provides detailed overview on future
outlook & projections with analyst recommendations for the industry.

3. The report facilitate the readers with the identification and in-depth
analysis of the existing and future trends, issues and challenges prevalent in
the industry and anticipated growth in the future depending upon changing
industry dynamics in coming years. The report is useful for industry
consultants, remittance service providers (MTOs), banks, local agents and
other stakeholders to align their market centric strategies according to
ongoing and expected trends in the future.
Industry Overview
Philippines remittance market is led by the international remittances and
domestic remittances which are represented by the OFW remittance inflow,
the domestic remittances. During 2011-2016, the international and
domestic remittance markets have showcased a remarkable growth at a
CAGR of ~%.

4. Market growth can be attributed to factors like increasing number of OFWs,
growing infrastructure and developmental activities, rising business sectors
and increasing job opportunities within the country, surging BPO sector and
other related factors. Similarly, there had been a tremendous growth in the
Philippines bill payments market displaying a CAGR of ~% during 2011-
2016. The amplification exhibited by the market should be owed to rising
utility bills due to the rising consumption of energy, water, mobile phones,
internet facilities and other utilities.
Market Segmentation
International Remittance Market
The US accounted for ~% of the total remittances sent to the Philippines in
2016. From USD ~ million in 2011, remittances sent by Filipinos in the US
have grown at a CAGR of ~%.

5. With a percentage contribution of ~% in 2016, Saudi Arabia was ranked as
the second largest remittance source for Philippines. Remittance from
Saudi Arabia registered a total value of USD ~ million in 2011 and
expanded to USD ~ million in 2016. USA and Saudi Arabia were followed
by UAE, UK, Japan, Hong Kong and others.
On the basis of occupation the highest average remittance transaction per
OFW was observed from the government officials followed by
professionals and other workers during 2015.
The average remittance transaction per OFW has been observed to be the
highest through banks followed by agencies, door to door services and
others during 2015.
Domestic Remittance and Bill Payments Market
The non-bank channel, comprising of money transfer companies and
pawnshops operating in the Philippines have dominated the market
accounting for a share of ~% of the total number of domestic money
remittance transactions in 2016. Banks held a meager share of ~% in the
overall market.

6. Branch pick up service held the highest share in the market in terms of
number of transactions during 2016 holding a share of ~%, followed by door
to door, prepaid cards, online and direct credit to account services.
Utilities comprised of the major share in the total number of bill payments
in the Philippines in 2016. Bills paid for electricity services contributed
around ~%, the highest, to the total payments of utilities, followed by
transactions for water and gas bills, mobile and internet bills.
Future Potential
The Philippines remittance and bill payments market has witnessed a
considerable growth in past five years and the market is anticipated to grow
at a CAGR of ~% during the forecast period, 2017-2021.

7. A noticeable amount of FDI inflows was invested in BPO, electronics and
energy sector. With the continual growth in FDI flows in the BPO sector, there
are expected to be more employment opportunities leading to large scale
migrations to urban cities. The continued zeal of domestic Filipinos to send
money to their families will provide a major thrust to the domestic
remittance market. Rapid growth in the introduction and use mobile
technologies in the country for money transfer and bill payments are also a
factor that depicts the growth of domestic remittance and bill payments
market of the Philippines. International remittance market in the Philippines
will continue to be driven by the increasing deployment of Filipinos in other
countries. Unskilled workers and laborers will uphold their status as the
largest deployed fraction of overseas workers and will continue to account
for the largest share of aggregate remittances.

8. Competitive Landscape
The domestic remittance space in Philippines has largely been a cash-to-cash
market, with the money flowing from several informal modes of payment
such as friends, family, drivers and others. As majority of the population in
the Philippines has continued to remain un-banked, coupled with the fact
that cash-to-cash mode of payment is not fitting to banks' transaction
services, regulatory and compliance structure, a large portion of the
country’s inhabitants continue to resort to exchange of hard cash. These
formal payment channels, which include banks, money transfer companies
and pawnshops, serve a significant proportion of the Philippine population.
Major Players in the market include Palawan Pawnshop, Cebuana Lhuillier,
LBC Express, Western Union, M Lhuillier and others.
In 2016, banks absorbed ~% of the total remittances, indicating Filipinos’
mounting faith on this channel instead of sending money back home by
means of friends or relatives. Remittances transferred through banks such as
Banco De Oro, The Bank of the Philippine Islands, Philippine National Bank,
Metro Bank have showcased an inclining participation over the last five
years.

9. On the other hand, money transfer companies such as I-Remit, LBC Express,
Western Union, Xoom and MoneyGram were also important remittance
channels for OFWs in the Philippines, recording a contribution of ~% to the
total international remittance transaction volume in 2016.
Key Topics Covered in the Report:
Overview of Philippines Domestic Remittance Market
Philippines Domestic Remittance Market Size
Philippines Domestic Remittance Market Segmentation
Growth Drivers of Philippines Domestic Remittance Market
Competitive Landscape of Major Players in Philippines Domestic and
International Remittance Market
Philippines Bill Payments Market Size
Philippines Bill Payments Market Segmentation
Rising Penetration of Mobile Money Transfers

10. Philippines Domestic Remittance and Bill Payments Market Future
Outlook
Philippines International Remittance Market Overview
Philippines International Remittance Market Size
Philippines International Remittance Market Segmentation
Trends in Philippines International Remittance Market
Philippines International Remittance Market Fauture Outlook
Macroeconomic Factors affecting Philippines Remittance and Bill
Payments Market
To know more about the publication, click on the link below
https://www.kenresearch.com/banking-financial-services-and-
insurance/financial-services/philippines-money-transfer-remittance-
market-report/121464-93.html

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