Growing Economy, Increased Internal Migration Coupled with Surge in Bill Payment Expenditure to foster Growth in the Market: Ken Research REQUEST FOR SAMPLE REPORT Buy Now Request For sample Report × Report Title Name Email Designation Phone No Comapny Name Comapny URL Country -- Please Select Your Country -- Afganistan Africa Albania Algeria Andorra Angola Anguilla Antigua and Barbuda Argentina Armenia Aruba Asia Australasia Australia Austria Azerbaijan Bahamas Bahrain Bangladesh Barbados Belarus Belgium Belize Benin Bermuda Bhutan Bolivia Bonaire Bosnia Herzegovina Botswana Brazil BRICS British Virgin Islands Brunei Darussalam Bulgaria Burkina Faso Cambodia Cameroon Canada Cape Verde Cayman Islands Central African Republic Central and South America Chad Chile China Colombia Comoros Congo Costa Rica Cote d'Ivoire Croatia Cuba Curacao Cyprus Czech Republic Denmark Djibouti Dominica Dominican Republic Ecuador Egypt El Salvador Equatorial Guinea Eritrea Estonia Ethiopia Europe European Union Falkland Islands Faroe Islands Fiji Finland France French Guiana French Polynesia Gabon Gambia Georgia Germany Ghana Gibraltar Global Great Britain Greece Greenland Grenada Guadeloupe Guam Guatemala Guerney & Alderney Guinea Guinea-Bissau Guyana Haiti Honduras Hong Kong Hungary Iceland India Indonesia Iran Iraq Ireland Isle of Man Israel Italy Ivory Coast Jamaica Japan Jersey Jordan Kazakhstan Kenya Kiribati Kosovo Kuwait Kyrgyzstan Laos Latvia Lebanon Lesotho Liberia Libyan Arab Jamahiriya Liechtenstein Lithuania Luxembourg Macao Macau Macedonia Madagascar Malawi Malaysia Maldives Mali Malta Man (Island of) Marshall Islands Martinique Mauritania Mauritius Mayotte Mexico Micronesia Middle East Minnesota Moldova Monaco Mongolia Monserrat Montenegro Morocco Morroco Mozambique Myanmar Namibia Nepal Netherlands New Caledonia New Zealand Nicaragua Niger Nigeria Niue North America North Korea Norway Oman Pakistan Palau Palestine Panama Papua New Guinea Paraguay Peru Philippines Poland Portugal Puerto Rico Qatar Reunion Romania Russia Rwanda Saint Helena Saint Lucia Saint Martin Saint Pierre and Miquelon Saint Vincent and the Grenadines Samoa Samoa (American) San Marino Sao Tome and Principe Saudi Arabia Scandinavia Senegal Serbia Seychelles Sierra Leone Singapore Sint Maarten Slovakia Slovenia Solomon (Islands) Somalia South Africa South Korea South Sudan Spain Sri Lanka Sudan Suriname Svalbard and Jan Mayen Islands Swaziland Sweden Switzerland Syria Taiwan Tajikistan Tanzania Thailand Timor Leste Togo Tonga Trinidad and Tobago Tunisia Turkey Turkmenistan Turks and Caicos Islands Uganda Ukraine United Arab Emirates United Kingdom United States Uruguay Uzbekistan Vanuatu Vatican City Venezuela Vietnam Virgin Islands Western Sahara Yemen Zambia Zimbabwe Requirement Submit The IT and Business Process Outsourcing industry has grown to be the second largest source of dollar income for the Philippine economy creating significant number of job opportunities every year. Philippines are witnessing robust growth in the tech industry as the number of remittance payment platforms for the unbanked proliferates. Increased competition of seafarers particularly from East Asia and Eastern Europe are expected to reduce the rate of remittances from sea-based OFWs. Increasing consumption of electricity, water, mobile phones and others are expected to stimulate growth in the bill payments market. The ever-growing remittance market of Philippines is anticipated to escalate further in the coming years. Owing to the rising number of OFWs in the country, the remittance inflow to the country is expected to grow manifold in the coming years. The unaccounted remittances to an extent are expected to be properly channeled and are expected to raise the transaction volume in the coming years. Overseas Filipino Remittance Philippines, Bitcoin Wallet Philippines Remittance, Money Remittance Business Philippines, Money Transfer Philippines, Online Remittance Philippines, Online Bill Payment Philippines, Migration in Philippines, Bill Payment mode Philippines, Moreover, the average amount remitted to Philippines per person is expected to increase as the Filipinos are gradually getting enrolled into jobs that require professional skills and qualifications owing to their year on year improving educational qualifications and such jobs are paid better. Increased earnings of OFWs would raise the amount of remittance. This trend is anticipated to intensify competition in the international remittance market. Banks will continue to be the favored platform for sending remittances for overseas Filipino workers, contributing the major share in the total inflows of remittance in the coming years. Initiatives taken by several banks in the Philippines, to expand their networks and partnerships in other countries will be conducive for the growth of the bank channel of overseas remittances. Moreover the market is also expected to be augmented through international corporate trade remittances. 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. The bill payments market is expected to grow at a double digit CAGR during the forecast period 2017-2021. The major factors that are expected to augment the bill payment factor are the mobile phone and internet penetration in the country. Ken Research in its latest study, Philippines Domestic and International Money Transfer Industry Outlook to 2021, analyzed that the companies can encourage their customers to use digital modes of transfers to reduce the float time. The MTOs, banks and other players can focus on mobile transfers to withstand the competition in the market. Moreover, new and existing pawnshops can align themselves with established remittance service providers in order to grow their business, in addition to spreading out their business to a more urbanized setting. The Philippines online remittance market is estimated to register robust CAGR during 2017-2021. The report provides information on the remittance channel, mode of transfer, type of service, remittance corridor and type of bills dominating the market in terms of transaction volume. It also covers the major players in the market such as Palawan Pawnshop, Cebuana Lhuilier, LBC Express, Western Union, M Lhuilier, Banco De Oro, The Bank of the Philippine Islands, Philippine National Bank, Metro Bank and others. 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, Money Transfer Agencies Philippines, Philippines migration and remittance. Topics Covered in the Report Overseas Filipino Remittance Philippines, Bitcoin Wallet Philippines Remittance, Money Remittance Business Philippines, Money Transfer Philippines, 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, Money Transfer Agencies Philippines, Philippines migration and remittance, 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 Related Reports by Ken Research UAE Remittance and Bill Payments Market Outlook to 2021 – Rising Expatriate Population, Growing Business Activities and Increasing Demand for Utilities to Foster Growth India Bills Payment Market Outlook to 2020 – Rising Internet Penetration and Advent of Mobile Wallet to Shape Future Growth Philippines Pawnshop Market Outlook to 2020 – Convenience with Pawning and Remittance Services to Stimulate Growth Contact Us: Ken Research Ankur Gupta, Head Marketing & Communications Ankur@kenresearch.com +91-9015378249 Tags: Bill Payment mode Philippines, Bitcoin Wallet Philippines Remittance, Inbound Remittance Philippines, International Remittance Philippines, Migration in Philippines, Money Remittance Business Philippines, Money Transfer Agencies Philippines, Money Transfer Operator Remittance Philippines, Money Transfer Philippines, OFW Remittance Statistics, Online Bill Payment Philippines, Online bill payment services in the Philippines, Online Remittance Philippines, Outbound remittance Philippines, Overseas Filipino Remittance Philippines, Pawnshop business growth, Personal Remittance Philippines Statistics, Philippines migration and remittance, Philippines Remittance Statistics