Philippines has been one of the fastest growing economies in the ASEAN regions during the past five years.
With an improvement in economy
which has been facilitated by an increase in trade, the country plans to
achieve more than 6% GDP growth
rate in the coming years.
The market for
domestic money transfers in the
Philippines has been exceedingly dynamic and
has matured since the last five years. Filipinos have a gamut of
alternatives available in terms of
the presence of numerous formal payments service providers (PSP) in
a market with high competition.
The market has also been flooded
with informal means of making payments which include friends, family and vehicle drivers. Overseas Filipino
Remittance Philippines, Bitcoin Wallet
Remittance Philippines
Remittance Flow Philippines, Migration in Philippines, Money
Transfer Agencies Philippines, Online bill payment services in the Philippines,
The total market for domestic
remittances was valued
at
USD million in 2016
and witnessed expansion from USD ~ in the year
2011.
Remittances sent by cross border
migrant workers are a traditional
means of financial support to family members back home.
The Philippines has been the nation
of source of one of the biggest Asian migrant Diasporas, with its economy greatly reliant on billion-dollar remittances from Filipinos residing and working in around 239 countries and territories. The Philippines
was the third
largest remittance market in 2016, with
India and China being
the top
two.
Personal remittances from OFWs accounted for ~% of the country’s GDP in 2016.
The largest portion of remittances came from land-based workers, who remitted USD ~ million in 2016.
On the other hand, remittances from sea-based workers in
the same year amounted to USD ~ million.
What Have Been The Major
Trends And Challenges In Philippines Remittance And Bill Paymnets Market
·
The
reach of the financial system in the Philippines has been a direct measure of the
distribution of financial institutions in the country. Banks were noticed as the
primary players in financial services with banking entities directly responsible
for approximately 80% of the total resources of the financial system. Bank branches
and ATMs have functioned as the fundamental distribution channels of financial services.
The Philippines has been regarded as a thought leader of financial inclusion in
the light of its early initiatives and gains in microfinance and mobile banking
services.
·
A pawn
shop has been categorized as a business which provides services of money lending
with collection of certain collateral property. Pawnshops in the Philippines have
been a major source of money transferring since the past decade. The lower income
class of the Filipino society has been significantly served by the pawnshops for
their remittance requirements since this cluster constituted the unbanked members
of the population.
·
The
Business Process Outsourcing industry has been an important component of Philippines’
economic growth. The Information Technology and Business Process Management industry
has grown to be the second largest source of dollar income for the Philippine economy.
During 2016, the industry generated
·
~ million
direct jobs and USD ~ billion in revenues. The revenues grew by ~% from ~ million
in 2014 and are expected to overtake the overseas Filipino Worker Remittances by
2017.
·
The
government of Philippines has taken concrete steps to bolster infrastructural development
in the country.
·
Remittances
to developing countries are experiencing a declining trend from the last two years.
·
However,
Philippines stood as one among those countries that defied the declining trend and
continued to show a decent growth rate. Remittances to the East Asia and Pacific
region declined an estimated ~% to USD ~ billion in 2016 amid low oil prices
and weak economic growth in the Gulf Cooperation Council (GCC) countries and the
Russian Federation.
·
International
remittances showcased strong seasonal patterns, with month on month increases particularly
huge in the months of March and December. March is the month for graduation in the
Philippines and remittances have showcased significant incline in this month over
the past five years.
·
Major
digital trends that are expected to revolutionize the mobile financial services
in the country are virtual currencies, wearable technologies and biometrics. The
bitcoin is expected to have a large impact on the global remittance market, particularly
in developing countries such as the Philippines where remittances help support families
and communities.
·
New
players and startups are offering different forms of money transfer services. With
the advent of digital currency and blockchain technology, companies are
becoming adaptable for currencies like bitcoin to enable remittance services.
Topics
Covered in the Report
·
Overseas Filipino Remittance Philippines,
·
Bitcoin Wallet Remittance
Philippines
·
Remittance Flow Philippines,
·
Migration in Philippines,
·
Money Transfer Agencies Philippines,
·
Online bill payment services in the
Philippines,
To know more about the publication, click on the link
below
Contact Us:
Ken Research
Ankur Gupta, Head Marketing & Communications
Ankur@kenresearch.com
+91-9015378249
Ken Research
Ankur Gupta, Head Marketing & Communications
Ankur@kenresearch.com
+91-9015378249
