Online Remittance Philippines, Online Bill Payment Philippines, Migration in Philippines

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Philippines Domestic and International Money
Transfer Market Report 2021 Ken Research
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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.
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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 .
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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 .
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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.
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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.
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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.
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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 countrys 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.
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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
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• 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-serv
  ices-and-insurance/financial-services/philippines-
  money-transfer-remittance-market-report/121464-93.
  html

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Services to Stimulate Growth Contact UsKen
ResearchAnkur Gupta, Head Marketing
CommunicationsAnkur_at_kenresearch.com91-901537824
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