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Philippines Remittance and Payments Market Outlook to 2024 - Growth Backed by Sustained Internal Migration, Rise in Overseas Filipino Workers and Surge in BPO Sector.

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The report titled "Philippines Remittance and Payments Market Outlook to 2024 – Growth Backed by Sustained Internal Migration, Rise in Overseas Filipino Workers and Surge in BPO Sector" provides a comprehensive analysis of domestic, international remittance and bill payments market in the Philippines. The report covers market size, segmentation on the basis of remittance flow corridors, remittance channel, land-based and sea-based workers, mode of remittance, major occupation group and distribution of OFWs by cash remittance sent for international remittance market. For domestic remittance market, the report 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, mode of payments and channel of payments. 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 a detailed overview of future outlook & projections with analyst recommendations for the industry.
The report facilitates the readers with an 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, payment platforms, pawnshops, 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 internal migrant’s transfers. During 2013-2018, the international and domestic remittance markets have showcased a remarkable growth. The Overseas Filipino Workers (OFWs) space has been the most important source of growth in the Philippines economy. The majority of the OFWs primarily originate from the Cavite, Laguna, Batangas, Rizal, and Quezon (CALABARZON) region and the peripheral regions of Central Luzon and Metro Manila. Market growth can be attributed to factors like an 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.
Market Segmentation
International Remittance Market
Market Potential: The Philippines international remittance market registered a majority contribution from inbound remittances from other countries in 2018. Stable progress in the diversity and coverage of global remittance networks has enabled more OFWs to remit money at a reasonable cost of services which include automated teller machines, web-based services, and reusable/reloadable cash cards.
By Countries: The US accounted for the majority of the total remittances sent to the Philippines in 2018. The Saudi Arabia was ranked as the second largest remittance source for the Philippines. UAE accounted for a major share of the remittance to the Philippines in 2018 and is one of the biggest employers of OFWs.
Competitive Landscape in the International Remittance Market
The continued expansion of remittances in the past several years has been impelled by the sustained innovation on the part of banks, money transfer companies and other financial institutions which provide remittance services to overseas Filipino workers. Majority of the money remittances received by Filipino households are routed through commercial banks. In 2018, more than 80% of the total remittances were coursed through banks, indicating Filipinos’ mounting faith on this channel instead of sending money back home by means of friends or relatives. Remittances transferred through banks have showcased inclining participation over the last five years. Banco de Oro was the largest bank in the Philippines remittance market in 2018 in terms of transaction volume coursed through banks. BDO has formed several partnerships with other money transfer companies and pawnshops in the past few years. This has significantly helped the bank to register a strong performance in the international remittance space.
Domestic Remittance and Bill Payments Market
Market Overview: The market for domestic money transfers in the Philippines is exceedingly dynamic and has been maturing since the past decade. The choice of the service provider, to a greater degree, has been dependent upon the amount of money being transferred. Bank transfers and major PSPs were mostly used in order to transfer large amounts of money.
Domestic Remittance Flow Corridors: In-country Filipinos, characterized by domestic migrants who have moved for better economic and employment opportunities and permanent residents together, accounted for a major share of the total domestic remittances. Additionally, the majority of the overall domestic remittances was funded by people/families who have also received international remittances from Filipinos in other countries. Domestic remittances were observed to be transferred in top cities amongst the provinces included Quezon City, Manila, Makati, Caloocan, Paranaque, Pasig, Mandaluyong, Taguig, Pasay, and Baguio.
Sources of Bill Payment: Convenience stores such as 7-Eleven and Ministop are the major third-party payment channels of the total bill payments in the Philippines in 2018. Owing to the greater reach and accessibility; convenience stores have dominated the bill payment landscape in the Philippines over the past many years. Bill payments through mobile and online platforms have displayed a tremendous growth over the past five years with growing mobile wallet and the number of online methods offered by banks and other local players. Conversely, informal service providers were largely used in semi-urban and rural areas.
Competitive Landscape in Domestic Remittance Market
The domestic remittance market is dominated by pawnshops and MTO due to the large unbanked or under-banked population in the Philippines. The enormous potential of domestic remittances has also engrossed international players such as Western Union into the market. Conversely, the Philippines-based service providers such as banks, regional and national pawnshops including Smart Padala, Cebuana and M Lhuillier and Palawan Pawnshops, LBC Express and others have a noteworthy presence in the domestic market and have provided stiff competition to the international players. Banco de Oro was the largest bank in the Philippines international remittance market in 2018 followed by The Bank of Philippine Islands while Metropolitan Bank was the third largest international remittance player in 2018.
Future Potential
The Philippines remittance and bill payments market has witnessed considerable growth in the past five years. 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, more employment opportunities are expected that will lead to large scale migrations to urban cities. Rapid growth in the introduction and use mobile technologies in the country for money transfer and bill payments are also a factor for the future growth of domestic remittance and bill payments market of the Philippines.
The continued growth in internal migration is expected to sustain the growth of money transfers taking place in the Philippines. The Philippines has outshined India in terms of voice-based outsourced projects and has become the worldwide leader in the call center industry. Over the past six years, the BPO industry in the country has augmented at an average rate of 25%-30%. 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.
Key Segments Covered:
Domestic Remittance
By Remittance Channels
Banks
Non Banks
By Types of Services
Branch Pick-Up
Online
Door to Door
Prepaid Cards
Direct Credit to Bank Account
By Major Flow Corridors
Bill Payment Market
By Channel of Payment
Banks
Non Banks
By Type of Payments
Water
Electricity and Fuel Bills
Insurance Premium
Communication
Education
By Mode of Payment
Offline
Online
Method of Payment
Convenience Stores
Online/Mobile Payments
Biller’s Business Offices
Remittance Companies
Banks and Others Offline
International Remittance Market
By Major Flow Corridors
US
UAE
KSA
UK
By Remittance Channels
Banks
Non Banks
By Payout Mode
Cash
Non-Cash/Electronic Transfer
Door to Door Delivery Method of Payment
Key Target Audience:
Money Transfer Operators
Banks
Pawnshops
Bill Payment Companies
M-Wallets
Mobile Money Companies
Central Bank
Investors and PE Firms
Convenience Stores
Time Period Captured in the Report:
Historical Period – 2013-2018
Forecast Period – 2019-2024
Companies Covered:
International Remittance Companies:
Banco de Oro
The Bank of Philippine Islands
Metropolitan Bank
Cebuana Lhuillier
M Lhuillier
Palawan Pawnshop
Western Union
LBC
iRemit
Wells Fargo
Xoom
Domestic Remittance Companies:
Palawan Pawnshop
Cebuana Lhuillier
Smart Padala
M Lhuillier
LBC Express
BDO
BPI
Western Union
Key Topics Covered in the Report:
An ecosystem of Philippines Remittance Market
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
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 the Philippines International Remittance Market
Philippines International Remittance Market Future Outlook
Macroeconomic Factors affecting Philippines Remittance and Bill Payments Market
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Table Of Content

Scope

1. Executive Summary

Macro Environment in Contact with Remittance Industry Performance
Domestic Remittance Market
Domestic Bill Payment Market
International Remittance Market

2. Research Methodology

2.1. Market Definitions
2.2. Abbreviations
2.3. Market Size and Modeling

Approach – Market Sizing
Market Sizing Approach-International Remittance
Market Sizing Approach-Domestic Remittance
Market Sizing – Bill Payments Market
Variables (Dependent and Independent)
Final Conclusion

3. Philippines Remittance and Bill Payments Market Ecosystem

4. Philippines Domestic Remittance and Bill Payments Market

4.1. Overview and Current Dynamics

Overview
Remote Money Transfers and Bill Payments
Players in the Domestic Remittance Market
Role of Payment Service Providers
Working Model of Domestic Remittance Market

4.2. Philippines Domestic Remittance Market Size, 2012-2018
4.3. Philippines Domestic Remittance Market Segmentation, 2018

4.3.1. By Major Remittance Channels: Bank vs. Non-Bank, 2018
4.3.2. By Types of Services (Branch Pick-Up, Online, Door to Door, Prepaid Cards and Direct Credit to Bank Account), 2012-2018
4.3.3. By Major Flow Corridors, 2018

Migration to Calabarzon, Manila and Central Luzon
Major Reasons for Migration
Remittance Recipient Regions

4.3.4. Growth Drivers for Philippines Domestic Remittance Market

Decline in Unbanked Municipalities
DeclineIn the Number of Pawnshops
Surge in BPO Employees in the Philippines, 2012-2017
Infrastructural Development
Higher Remittance During Festival Months
Robust Growth in the Tech Industry
Rising Rate of Internal Migration

4.4. Competitive Landscape of Major Players in Philippines Domestic Remittance Market

4.4.1. Market Share of Major Players in Philippines Domestic Remittance Market, 2018

Competition Scenario

4.4.2. Strengths and Weaknesses of Major Non-Bank Domestic Remittance Players, 2018
4.4.3. Service Positioning, Strategy and Key Performance Indicators, 2018

Palawan Pawnshop, 2018
Cebuana Lhuillier, 2018
LBC Express, 2018
Western Union, 2018
M Lhuillier, 2018
Pinoy Express, 2018
Smart Padala (Pay Maya), 2018

4.5. Philippines Domestic Remittance Future Projections and Outlook, 2019E-2024E

By Domestic Remittance through Non-Banks and Banks, 2019E-2024E
By Domestic Remittance - Types of Service, 2019E-2024E

5. Philippines Bill Payment Market

5.1. Philippines Bill Payment Market Size, 2013-2018
5.2. Philippines Domestic Bill Payment Market Segmentation, 2018

5.2.1. By Channel of Payment (Non-Bank and Bank), 2018
5.2.2. By Type of Payments (Water, Electricity and Fuel Bills, Education, Insurance Premium, Communication), 2018
5.2.3. By Offline and Online Bill Payment, 2018
5.2.4. By Method of Payment (Convenience Stores, Online/Mobile Payments, Biller’s Business Offices, Remittance Companies, Banks and Others), 2012, 2014, 2016, 2017 and 2018

5.3. Philippines Bill Payment Future Outlook and Projections, 2019E-2024E

By Bill Payments through Non-Banks and Banks, 2019E-2024E
By Bill Payments - Type of Bills, 2019E-2024E
By Bill Payments - Mode of Payment, 2019E-2024E
By Bill Payments - Method of Payment, 2019E-2024E

5.4. Rising Penetration of Mobile Money Transfers

5.4.1. Introduction
5.4.2. Mobile Money Transfer

5.4.2.1. Mobile Payments

5.4.3. Mobile Money Transfer Platforms

Smart Money, 2018
Globe Telecom, 2018
Benefits of Mobile Money Transfer

5.4.4. Near Field Communication (NFC)
5.4.5. Mobile POS
5.4.6. Barriers to Entry and Relative Comparison of Bank and Non-Bank Remittance Players (security and compliance issues)

5.5. Analyst Recommendations, 2018

Recommendations for Banks

6. Philippines International Remittance Market

6.1. Global and Philippines International Remittance Industry Introduction

Overview – Global and Philippines Remittance Flows
Remittance Inflowand Philippines Economy
Demand For Money Transfer
Players in International Remittance Market

6.2. Remittance Working Model
6.3. Products and Services in Bank and Non-Bank Channels

Overview
Special Banking Products and Services for OFWs
Remittance Products from Thrift or Savings Banks
Unbanked Recipients
Interlink Between Banks and Money Transfer Companies

6.4. Philippines International Remittance Market Size, 2013-2018
6.5. Philippines International Remittance Market Segmentation, 2013-2018

6.5.1. Major Flow Corridors (US, UAE, Saudi Arabia and UK), 2013-2018
6.5.2. By Major Remittance Channel (Banks and Non-Banks), 2013-2018
6.5.3. By Payout Mode (Cash, Non-Cash/Electronic Transfer and Door to Door Delivery), 2018
6.5.4. By Land-Based and Sea-Based OFWs, 2013-2018
6.5.5. Average Remittance Transaction per OFW on the Basis of Place of Work, 2013 - 2017
6.5.6. Average Remittance Transaction per OFW on the Basis of Major Occupation Group, 2014 - 2017
6.5.7. Average Remittance Transaction per OFW on the Basis of Mode of Remittance, 2013 - 2017

Agencies/ Local Offices, Banks, Door to Door, Friends/Co-Workers and others

6.5.8. Distribution of OFWs by Cash Remittance Sent, 2013 – 2017

6.6. Trends in Philippines International Remittance Market

Seasonal Remittance Patterns
Digital Trends in International Remittance
Rate of Unbanked Population
Adaptation of Latest Technologies

6.7. Competitive Landscape of Major Players in Philippines International Remittance

6.7.1. Market Share of Major Banks and Non-Bank Channels, 2018
6.7.2. Strengths and Weaknesses of Banks and Major Non-Bank International Remittance Players, 2018

6.8. Service Positioning, Pricing Strategy and Key Performance Indicators

6.8.1. Banco De Oro (BDO), 2018
6.8.2. The Bank Of The Philippine Islands (BPI), 2018
6.8.3. Philippine National Bank (PNB), 2018
6.8.4. Western Union, 2018
6.8.5. Metropolitan Bank
6.8.6. MoneyGram, 2018
6.8.7. iRemit, 2018
6.8.8. Wells Fargo, 2018
6.8.9. Xoom, 2018

6.9. Philippines International Remittance Market Future Outlook and Projections, 2019E-2024E

By Banks and Non-Banks
By Land-Based and Sea-Based OFWs, 2019E-2024E
By Remittance Source Regions

6.9.1. Upcoming Technological Changes

6.10. Cause and Effect Relationship in Philippines International Remittance Market
6.11. Remittance Cost and Regulatory Changes (Domestic and International Remittance)

Transaction Fees
Decreasing Remittance Costs
Regulations on Cost of Remittance
Regulatory Acts and Laws
No tax reform for OFW Remittances

7. Macro-Economic Factors Affecting Philippines Remittance Market

7.1. Number of Financial Institutions in Philippines, 2013-2024E
7.2. Number of Households in Philippines, 2013-2024E
7.3. Household Income in Philippines, 2013-2024E
7.4. Number of ATMs in Philippines, 2013-2024E

Disclaimer
Contact Us


List Of Figure

Figure 1-1: Market Structure for Philippines Remittance & Bill Payments Market, 2018
Figure 3-1: The Philippines Remittance and Bill Payments Market Ecosystem, 2018
Figure 4-1: Working Model of the Philippines Domestic Remittance Market
Figure 4-2: Philippines Domestic Remittance Market Size on the Basis of Transaction Volume in USD Million and Growth Rate in Percentage (%), 2012-2018
Figure 4-3: Philippines Domestic Remittance Market Size on the Basis of Number of Transactions in Million and Growth Rate in Percentage (%), 2012-2018
Figure 4-4: Average Transaction Size for Philippines Domestic Remittance Market in USD and Growth Rate in Percentage (%), 2012-2018
Figure 4-5: Philippines Domestic Remittance Market Segmentation by Non-banking and Banking Channel on the Basis of Transaction Volume in Percentage (%), 2012, 2014, 2016, 2017 and 2018
Figure 4-6: Philippines Domestic Remittance Market Segmentation by Types of Services (Branch Pick-up, Online Transfer, Door to Door, Prepaid Cards, Direct Credit to Bank Account) on the Basis of Transaction Volume in Percentage (%), 2012-2018
Figure 4-7: Migration Trend in the Philippines in 2010 and Estimates for 2012, 2014 and 2016 in Percentage (%)
Figure 4-8: Number of Pawnshops in the Philippines, as of December 31st 2011-December 31st 2018
Figure 4-9: Number of BPO Employees in the Philippines in Thousands, 2012-2017
Figure 4-10: Philippines Domestic Remittance Market Future Projections on the Basis of Transaction Volume in USD Million and Growth Rate in percentage (%), 2019E-2024E
Figure 4-11: Future Projections of Philippines Domestic Remittance Market Segmentation by Non-Banks and Banks on the Basis of Transaction Volume in Percentage (%), 2019E-2024E
Figure 5-1: Philippines Domestic Bill Payment Market Size on the Basis of Transaction Volume in USD Billion and Growth Rate in Percentage (%), 2012-2018
Figure 5-2: Implications to the Key Players in the Market for Creating an Effective E-Payment Eco-System
Figure 5-3: Philippines Bill Payment Market Segmentation by Channel of Payment (Non- Banks and Banks) on the Basis of Transaction Volume in Percentage (%), 2012, 2014, 2016, 2017 and 2018
Figure 5-4: Total Number of Insured Lives in Philippines, 2012-2017
Figure 5-5: Philippines Bill Payment Market Segmentation by Types of Payments (Water, Electricity and Fuel Bills, Education, Insurance Premium, Communication) on the Basis of Transaction Volume in Percentage (%), 2015, 2017 and 2018
Figure 5-6: Philippines Bill Payment Market Segmentation by Mode of Payment (Offline and Online) on the Basis of Transaction Volume in Percentage (%), 2017 and 2018
Figure 5-7: Philippines Bill Payment Market Segmentation by Offline Mode (Cash and Other Offline Mode) on the Basis of Transaction Volume in Percentage (%), 2017 and 2018
Figure 5-8: Philippines Bill Payment Market Segmentation by Online Mode (Biller’s Desk and Third Party Interface) on the Basis of Transaction Volume in Percentage (%), 2017 and 2018
Figure 5-9: Philippines Bill Payment Market Segmentation by Method of Payment (Convenience Stores, Online/Mobile Payments, Biller’s Business Offices, Remittance Companies, Banks and Others) on the Basis of Transaction Volume in Percentage (%), 2012-2018
Figure 5-10: Philippines Bill Payments Market Future Projections on the Basis of Transaction Volume in USD Billion and Growth Rate in Percentage (%), 2019E-2024E
Figure 5-11: Future Projections of Philippines Bill Payments Market Segmentation by Non-Banks and Banks on the Basis of Transaction Volume in Percentage (%), 2019E-2024E
Figure 5-12: Future Projections of Philippines Bill Payments Market Segmentation by Type of Bills on the Basis of Transaction Volume in Percentage (%), 2019E-2024E
Figure 5-13: Future Projections of Philippines Bill Payments Market Segmentation by Mode of Payment (Offline and Online) based on Transaction Volume in Percentage (%), 2019E-2024E
Figure 5-14: Process of Sending Domestic M-Remittances through Cash-in/Cash-out in the Philippines
Figure 5-15: Process of Sending Domestic M-Remittances through Mobile Phones in the Philippines
Figure 6-1: Global Remittance Market Size on the Basis of Transaction Volume in USD Billion and the Contribution of the Philippines in Percentage (%), 2012-2018
Figure 6-2: General Working Model of the Philippines International Remittance Market
Figure 6-3: Philippines International Remittance Market Size on the Basis of Transaction Volume in USD Million and Growth Rate in Percentage (%), 2013-2018
Figure 6-4: Philippines International Remittance Market Size on the Basis of Cash Remittances Transaction Volume in USD Million and growth rate in Percentage (%), 2013-2018
Figure 6-5: Philippines International Remittance Market Size on the Basis of Average Transaction Size in USD and Growth Rate in Percentage (%), 2013-2018
Figure 6-6: Deployment of Filipinos in Overseas in Thousands, 2013-2018
Figure 6-7: Average Commission Charged in Philippines International Remittance Market in Percentage (%), 2013-2018
Figure 6-8: Income Fees in Philippines International Remittance Market in USD Million, 2012-2017
Figure 6-9: Philippines International Remittance Market Segmentation by Remittance Source Regions on the Basis of Cash Remittance Transaction Volume in Percentage (%), 2013-2018
Figure 6-10: Distribution of OFWs by Place of Work on the Basis of Number of OFWs in Percentage (%), 2017
Figure 6-11: Philippines International Remittance Market Segmentation by Major Remittance Channel (Banks and Non-Banks) on the Basis of Transaction Volume in Percentage (%), 2013-2018
Figure 6-12: Philippines International Remittance Market Segmentation by Payout Mode (Electronic Transfer, Door to door Delivery and Cash) in terms of Transaction Volume in Percentage (%), 2018
Figure 6-13: Distribution of Cash Remittance Sent by Land Based and Sea Based OFWs in Philippines International Remittance Market on the Basis of Cash Remittance Transaction Volume in Percentage (%), 2013-2018
Figure 6-14: Remittance Fee Income for Banco De Oro in PHP Billion, 2012-2017
Figure 6-15: Remittance Transaction Volume for Bank of Philippine Islands in USD Billion, 2014-2018
Figure 6-16: Revenues from Remittance Service and Commission Income from Remittance for Philippine National Bank in PHP, 2015-2018
Figure 6-17: Philippines International Remittance Market Future Projections on the Basis of Transaction Volume in USD Million and Growth Rate in Percentage (%), 2019E-2024E
Figure 6-18: Future Projections of Deployment of Filipinos Overseas in Thousands and Growth Rate in Percentage (%), 2019E-2024E
Figure 6-19: Future Distribution of Banks and Non-Banks in Philippines International Remittance Market on the basis of Transaction Volume in Percentage (%), 2019E-2024E
Figure 6-20: Future Projections of Philippines International Remittance Market Segmentation by Land Based and Sea Based OFWs on the Basis of Transaction Volume in Percentage (%), 2019E-2024E
Figure 6-21: Future Projections of Philippines International Remittance Market Segmentation by Remittance Source Regions on the Basis of Transaction Volume in Percentage (%), 2019E-2024E
Figure 7-1: Number of Financial Institutions in Philippines in Units, 2013-2024E
Figure 7-2: Number of Households in the Philippines in Million, 2013-2024E
Figure 7-3: Household Income in Philippines in PHP Billion, 2013-2024E
Figure 7-4: Number of ATMs in Philippines in Units, 2013-2024E


List Of Table

Table 2-1: Correlation Matrix of Philippines International Remittance Market
Table 2-2: Correlation Matrix of Philippines Domestic Remittance Market
Table 2-3: Regression Coefficients Output for Philippines International Remittance Market
Table 2-4: Regression Coefficients Output for Philippines Remittance and Bill Payments Market
Table 4-1: Brief Comparison of Positive and Negative Features of Major Payment Service Providers in the Domestic Remittance and Bill Payments Market
Table 4-2: Rationale and Description for Philippines Domestic Remittance Market Size, 2012-2018
Table 4-3: Rationale and Description for Philippines Remittance Market Segmentation by Major Remittance Channel, 2018
Table 4-4: Cross Comparison of Banks and Non Banks on the Basis of Mode of Payment, Average Fees, Target Audience, Major Regions and Major Players , 2018
Table 4-5: Philippines Domestic Remittance Market Segmentation by Non-banking and Banking Channel on the Basis of Transaction Volume in USD Million, 2012, 2014, 2016, 2017 and 2018
Table 4-6: Rationale and Description for Philippines Remittance Market Segmentation by Type of Services, 2012-2018
Table 4-7: Segment Analysis on the basis of Major Parameters in the Philippines Domestic Remittance Market, 2018
Table 4-8: Philippines Domestic Remittance Market Segmentation by Types of Services (Branch Pick-up, Online Transfer, Door to Door, Prepaid Cards, Direct Credit to Bank Account) on the Basis of Transaction Volume in USD Million, 2012-2018
Table 4-9: Regional Analysis on the basis of Major Parameters in the Philippines Domestic Remittance Market, 2015
Table 4-10: Unemployment and Underemployment Rate in Different Region in the Philippines in Percentage (%), 2017 and 2018
Table 4-11: Region Wise Urbanization Rate in the Philippines in Percentage for 2010, 2012, 2014 and 2016 in Percentage (%)
Table 4-12: Number of Banked and Un-Banked Municipalities in Philippines in Units, First Quarter 2012-2018
Table 4-13: Number of Banked and Un-Banked Municipalities in Philippines in Percentage (%), 2012-2018
Table 4-14: Major Festivals in the Philippines
Table 4-15: Competition Scenario in Philippines Domestic Remittance Market, April 2019
Table 4-16: Major Players in Philippines Domestic Remittance Market, 2018
Table 4-17: Market Share of Major Players in the Philippines Domestic Remittance Market Share in Percentage (%) and Number of Transactions in Millions, 2018
Table 4-18: Market Share of Major Players in the Philippines Domestic Remittance Market Share in Percentage (%) and Transactions Volume in USD Million, 2018
Table 4-19: Strengths and Weaknesses of Major Non-Bank Players in the Philippines Domestic Remittance Market, 2018
Table 4-20: Competitive Landscape for Palawan Pawnshop Including Company Overview, Services, Branches and Other Parameters, 2018
Table 4-21: Palawan Pawnshop’s Transfer Fee for Domestic Remittance in the Philippines, April 2019
Table 4-22: Palawan Pawnshop’s Transfer Fee for Domestic Remittance in the Philippines, April 2019
Table 4-23: Competitive Landscape for Cebuana Lhuillier Including Company Overview, Services, Branches and Other Parameters, 2018
Table 4-24: Cebuana Lhuillier Rates for Domestic Remittance in the Philippines in PHP, April 2019
Table 4-25: Competitive Landscape for LBC Express Including Company Overview, Services, Branches and Other Parameters, 2018
Table 4-26: Major Facts and Figures for LBC Express, 2017 and 2018
Table 4-27: LBC Express’ Rates for Domestic Remittance (Same Day Delivery) in the Philippines (NCR, South Luzon, North Luzon, Visayas and Mindanao), April 2019
Table 4-28: LBC Express’ Rates for Domestic Remittance (Next Day Delivery) in the Philippines (NCR, South Luzon, North Luzon, Visayas and Mindanao), April 2019
Table 4-29: Competitive Landscape for Western Union Including Company Overview, Services, Branches and Other Parameters, 2018
Table 4-30: Western Union’s Rates for Domestic Remittance in the Philippines, April 2019
Table 4-31: Competitive Landscape for M Lhuillier Including Company Overview, Services, Branches and Other Parameters, 2018
Table 4-32: M Lhuillier Rates for Domestic Remittance in the Philippines, April 2019
Table 4-33: Competitive Landscape for Pinoy Express Company Overview, Services, Branches and Other Parameters, 2018
Table 4-34: Delivery Areas and Estimated Time of Delivery of Pinoy Express in Philippines, 2018
Table 4-35: Remittance Charges of Pinoy Express for Sending Money from Brunei to Philippines, April 2019
Table 4-36: Remittance Charges of Pinoy Express for Sending Money from Hong Kong to Philippines, April 2019
Table 4-37: Remittance Charges of Pinoy Express for Sending Money from Palau to Philippines, April 2019
Table 4-38: Remittance Charges of Pinoy Express for Sending Money from Saipan to Philippines, April 2019
Table 4-39: Competitive Landscape for Smart Padala (Pay Maya) Including Company Overview, Services, Agent Base and Fees, 2018
Table 4-40: Future Outlook for Philippines Domestic Remittance Market on the Basis of Transaction Volume, 2019E-2024E
Table 4-41: Future Projections of Philippines Domestic Remittance Market Segmentation by Non-Banks and Banks on the Basis of Transaction Volume in USD Million, 2019E-2024E
Table 4-42: Future Projections of Philippines Domestic Remittance Market Segmentation by Types of Service on the Basis of Transaction Volume in USD Million, 2019E-2024E
Table 4-43: Future Projections of Philippines Domestic Remittance Market Segmentation by Types of Service on the Basis of Transaction Volume in Percentage (%), 2019E-2024E
Table 5-1: Rationale and Description for Philippines Bill Payments Market Size, 2013-2018
Table 5-2: Segment Analysis on the basis of Major Parameters in the Philippines Domestic Remittance Market, 2018
Table 5-3: Philippines Bill Payment Market Segmentation by Non-Bank and Bank on the Basis of Transaction Volume in USD Billion (%), 2012, 2014, 2016, 2017 and 2018
Table 5-4: Rationale and Description for Philippines Bill Payments Market Segmentation by Type of Payments (Water, Electricity and Fuel Bills, Education, Insurance Premium, Communication), 2015, 2017 and 2018
Table 5-5: Electricity Sales in Philippines by End User Category in MWh, 2013-2018
Table 5-6: Electricity Connections in Philippines by Region, 2014
Table 5-7: Number of Mobile Phone Users in Philippines, 2014-2018
Table 5-8: Number of Smartphone Users in Philippines, 2015-2017
Table 5-9: Average Health Insurance Premiums in the Philippines Charged by Major Health Insurers, 2017
Table 5-10: Philippines Bill Payment Market Segmentation by Types of Payments (Water, Electricity and Fuel Bills, Education, Insurance Premium, Communication) on the Basis of Transaction Volume in USD Billion (%), 2015, 2017 and 2018
Table 5-11: Average Bills for Water, Electricity and Fuel, Education, Insurance Premium, Communication in Philippines Bill Payments Market, 2017 and 2018
Table 5-12: Rationale and Description for Philippines Bill Payment Market Segmentation by Online and Offline Bill Payment on the Basis of Transaction Volume, 2018
Table 5-13: Philippines Bill Payment Market Segmentation by Mode of Payment (Offline and Online) on the Basis of Transaction Volume in Percentage (%), 2017 and 2018
Table 5-14: Snapshot of Major Online Bill Payment Portals in Philippines, 2018
Table 5-15: Rationale and Description for Philippines Bill Payment Market Segmentation by Method of Payment (Convenience Stores, Online/Mobile Payments, Biller’s Business Offices, Remittance Companies, Banks and Others)on the Basis of Transaction Volume, 2012, 2014, 2016, 2017 and 2018
Table 5-16: Philippines Bill Payment Market Segmentation by Method of Payment (Convenience Stores, Online/Mobile Payments, Biller’s Business Offices, Remittance Companies, Banks and Others) on the Basis of Transaction Volume in USD Billion, 2012-2018
Table 5-17: Segment Analysis on the basis of Major Parameters in Philippines Bill Payments Market
Table 5-18: Future Outlook for Philippines Bill Payments Market on the Basis of Transaction Volume, 2019E-2024E
Table 5-19: Total Number of Metered Customers, 2016-2025
Table 5-20: Future Projections of Philippines Bill Payments Market Segmentation by Non-Banks and Banks on the Basis of Transaction Volume in USD Million, 2019E-2024E
Table 5-21: Future Projections of Philippines Bill Payments Market Segmentation by Type of Bills on the Basis of Transaction Volume in USD Million, 2019E-2024E
Table 5-22: Future Projections of Philippines Bill Payments Market Segmentation by Mode of Payment (Offline and Online) on the Basis of Transaction Volume in USD Million, 2019E-2024E
Table 5-23: Future Projections of Philippines Bill Payments Market Segmentation by Method of Payment on the Basis of Transaction Volume in USD Million, 2019E-2024E
Table 5-24: Future Projections of Philippines Bill Payments Market Segmentation by Method of Payment on the Basis of Transaction Volume in Percentage (%), 2019E-2024E
Table 5-25: Mobile Money and its Role in Philippines
Table 5-26: Competitive Landscape of Smart Money, 2018
Table 5-27: Competitive Landscape of GlobeTelecom, 2018
Table 5-28: Barriers to Entry and Relative Comparison of Bank and Non-Bank Remittance Players
Table 5-29: Relative Comparison of Banking and Non-Banking Remittance Channels
Table 5-30: Analyst Recommendations for Money Transfer Companies and Pawnshops, 2018
Table 5-31: Analyst Recommendations for Banks, 2018
Table 6-1: Regional Remittance Trends (East Asia and Pacific, Europe and Central Asia, Latin America and the Caribbean, Middle East and North Africa, South Asia, Sub-Saharan Africa), 2017
Table 6-2: Comparative Analysis of Sending Money through Banks, MTOs and Mobile Money Transfer
Table 6-3: Major Entities Involved in the Philippines International Remittance Market and their Role and Challenges
Table 6-4: Rationale and Description for Philippines International Remittance Market Size, 2013-2018
Table 6-5: Rationale and Description for Philippines International Remittance Market Segmentation by Major Flow Corridors (US, UAE, Saudi Arabia and UK), 2018
Table 6-6: Philippines International Remittance Market Segmentation by Inflows from Major Flow Corridors on the Basis of Cash Remittance Transaction Volume in Percentage (%), 2013-2018
Table 6-7: Philippines International Remittance Market Segmentation on the basis of Inflows from Major Flow Corridors on the basis of Cash Remittance Transaction Volume in USD Million, 2013-2018
Table 6-8: Philippines International Remittance Market Segmentation by Remittance Source Regions on the Basis of Cash Remittance Transaction Volume in USD Million, 2013-2018
Table 6-9: Distribution of OFWs by Place of Work in Thousands, as of December 31st 2017
Table 6-10: Average Stated Transaction Fee, Hidden Currency Conversion Cost and Total Fees Charged for Remittance of USD 1,000 for the US-Philippines Flow Corridor in USD, April 2019
Table 6-11: Average Stated Transaction Fee, Hidden Currency Conversion Cost and Total Fees Charged for Remittance of GBP 1,000 (USD 1,355.9) for the UK-Philippines Flow Corridor in GBP, April 2019
Table 6-12: Average Stated Transaction Fee, Hidden Currency Conversion Cost and Total Fees Charged for Remittance of CAD 1,000 (USD 755.03) for the Canada-Philippines Flow Corridor in CAD, April 2019
Table 6-13: Average Stated Transaction Fee, Hidden Currency Conversion Cost and Total Fees Charged for Remittance of EUR 1,000 (USD 1,106.8) for the Western Europe-Philippines Flow Corridor (Germany, France, Italy and Others) in EUR, April 2019
Table 6-14: Average Stated Transaction Fee, Hidden Currency Conversion Cost and Total Fees Charged for Remittance of AUD 1,000 (USD 743.7) for the Australia-Philippines Flow Corridor in AUD, April 2019
Table 6-15: Rationale and Description for Philippines International Remittance Market Segmentation by Major Remittance Channel, 2013-2018
Table 6-16: Philippines International Remittance Market Segmentation by Major Remittance Channel (Banks and Non-Banks) in terms of Transaction Volume in USD Million, 2013-2018
Table 6-17: Rationale and Description for Philippines International Remittance Market Segmentation by Payout Mode (Cash, Non-Cash/Electronic Transfer and Door to Door Delivery), 2018
Table 6-18: Philippines International Remittance Market Segmentation by Payout Mode (Electronic Transfer, Door to door Delivery and Cash) in terms of Transaction Volume in USD Million, 2018
Table 6-19: Rationale and Description for Philippines International Remittance Market Segmentation by Land-Based and Sea-Based OFWs, 2013-2018
Table 6-20: Distribution of Cash Remittance Sent by Land Based and Sea Based OFWs in Philippines International Remittance Market on the Basis of Cash Remittance Transaction Volume in USD Million, 2013-2018
Table 6-21: Number of Land based and Sea based OFWs from Philippines, 2013- 1ST Semester 2013-2018
Table 6-22: Deployed Land-Based Overseas Filipino Workers on the Basis of Country of Residence, 2010-2016
Table 6-23: Average Cash Remittance per Male and Female Overseas Filipino Worker on the Basis of Place of Work in PHP Thousands, 2013 - 2017
Table 6-24: Rationale and Description for Philippines International Remittance Market Segmentation – Average Remittance Transaction per OFW by Major Occupation Group, 2017
Table 6-25: Average Annual Cash Remittance per Male and Female Overseas Filipino Worker on the Basis of Major Occupation Group in PHP Thousands, 2014 - 2017
Table 6-26: Average Cash Remittance per Overseas Filipino Worker on the Basis of Mode of Remittance in PHP Thousands, 2013-2017
Table 6-27: Distribution of Overseas Filipino Workers by Amount of Cash Remittances Sent in Units and Percentage (%), 2013-2015
Table 6-28: Distribution of Overseas Filipino Workers by Amount of Cash Remittances Sent on the Basis of Percentage of Cash Remittance Set Aside for Savings, 2017
Table 6-29: Distribution of Overseas Filipino Workers by Amount of Cash Remittances Sent on the Basis of Percentage of Cash Remittance Set Aside for Savings, 2016
Table 6-30: Distribution of Overseas Filipino Workers by Amount of Cash Remittances Sent on the Basis of Percentage of Cash Remittance Set Aside for Savings, 2015
Table 6-31: Distribution of Overseas Filipino Workers by Amount of Cash Remittances Sent on the Basis of Percentage of Cash Remittance Set Aside for Savings, 2014
Table 6-32: Distribution of Overseas Filipino Workers by Amount of Cash Remittances Sent on the Basis of Percentage of Cash Remittance Set Aside for Savings, 2013
Table 6-33: Month-wise Overseas Filipino Cash Remittances in the Philippines in USD Million, 2013 - 2018
Table 6-34: Major Players in Philippines International Remittance Market, 2018
Table 6-35: Market Share and Transaction Volume (Coursed through Banks) of Major Players in the Philippines International Remittance Market in USD Million and Percentage (%), 2018
Table 6-36: Market Share and Transaction Volume of Major Players in the Philippines International Remittance Market by Sourcing Point Cash Remittance, in USD Million and Percentage (%), 2018
Table 6-37: Strengths and Weaknesses of Banks and Major Non-Bank International Remittance Companies, 2018
Table 6-38: Competitive Landscape for Banco De Oro Company Overview, Services, Branches and Other Parameters, 2018
Table 6-39: Fees Charged on OFW Remittances from Canada to Philippines by Services, April 2019
Table 6-40: Fees Charged on OFW Remittances from France to Philippines by services, April 2019
Table 6-41: Fees Charged on OFW Remittances from Germany to Philippines by services, April 2019
Table 6-42: Fees Charged on OFW Remittances from Ireland to Philippines by services, April 2019
Table 6-43: Fees Charged on OFW Remittance from Hong Kong to Philippines by services, April 2019
Table 6-44: Fees Charged on OFW Remittance from UK (Belfast) to Philippines by services, April 2019
Table 6-45: Fees Charged on OFW Remittance from UK (London) to Philippines by services, April 2019
Table 6-46: Fees Charged on OFW Remittance from US (Daly City and Los Angeles) to Philippines by services, April 2019
Table 6-47: Competitive Landscape for the Bank of the Philippine Islands Including Company Overview, Services, Branches and Other Parameters, 2018
Table 6-48: Competitive Landscape for Philippine National Bank Including Company Overview, Services, Branches and Other Parameters, 2018
Table 6-49: Remittance Services and Products from Philippine National Bank, 2018
Table 6-50: Competitive Landscape for Western Union Including Company Overview, Services, Branches and Other Parameters, 2018
Table 6-51: Competitive Landscape for Metropolitan Bank Including Company Overview, Services, Branches and Other Parameters
Table 6-52: Remittance Services offered by Metropolitan Bank, 2018
Table 6-53: Competitive Landscape for MoneyGram Including Company Overview, Services, Branches and Other Parameters, 2018
Table 6-54: Competitive Landscape for iRemit Company Overview, Services, Branches and Other Parameters, 2018
Table 6-55: Geographical Presence of iRemit in terms of Value of Remittance in Percentage (%), 2015-2017
Table 6-56: Geographical Presence of iRemit in terms of Volume of Remittance in Percentage (%), 2015-2017
Table 6-57: Competitive Landscape for Wells Fargo Including Company Overview, Services, Branches and Other Parameters, 2018
Table 6-58: Competitive Landscape for Xoom Including Company Overview, Services, Branches and Other Parameters, 2018
Table 6-59: Future Outlook for Philippines International Remittance Market on the Basis of Transaction Value, 2019E-2024E
Table 6-60: Future Projections of Philippines International Remittance Market by Remittance Channel (Banks and Non-Banks) on the basis of Transaction Volume in USD Million, 2019E-2024E
Table 6-61:Future Projections of Philippines International Remittance Market Segmentation by Land Based and Sea Based OFWs on the Basis of Transaction Volume in USD Million, 2019E-2024E
Table 6-62: Future Projections of Philippines International Remittance Market Segmentation by Remittance Source Regions on the Basis of Transaction Volume in USD Million, 2019E-2024E
Table 6-63: Upcoming Technological Advancements in the Remittance Industry
Table 6-64: Cause and Effect Relationship Analysis between Industry Factors and Expected Industry Prospects of the Philippines International Remittance Market
Table 7-1: Rationale for Number of Financial Institutions in Philippines, 2013-2024E
Table 7-2: Rationale for Number of Households in Philippines, 2013-2024E
Table 7-3: Rationale for Household Income in Philippines, 2013-2024E
Table 7-4: Rationale for Number of ATMs in Philippines, 2013-2024E

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Products and Companies

Products

Domestic Remittance - By Remittance Channels (Banks and Non Banks), By Types of Services (Branch Pick-Up, Online, Door to Door, Prepaid Cards and Direct Credit to Bank Account) and By Major Flow Corridors, Bill Payment Market (By Channel of Payment (Banks and Non Banks), By Type of Payments (Water, Electricity and Fuel Bills, Insurance Premium, Communication and Education), By Mode of Payment (Offline and Online), Method of Payment (Convenience Stores, Online/Mobile Payments, Biller’s Business Offices, Remittance Companies and Banks and Others Offline)), International Remittance Market - By Major Flow Corridors (US, UAE, KSA and UK), By Remittance Channels (Banks and Non Banks) and By Payout Mode (Cash, Non-Cash/Electronic Transfer and Door to Door Delivery Method of Payment)


Companies

International Remittance Companies (Banco de Oro, The Bank of Philippine Islands, Metropolitan Bank, Cebuana Lhuillier, M Lhuillier, Palawan Pawnshop, Western Union, LBC, iRemit, Wells Fargo and Xoom), Domestic Remittance Companies (Palawan Pawnshop, Cebuana Lhuillier, Smart Padala, M Lhuillier, LBC Express, BDO, BPI and Western Union)