Philippines International Remittance Market Size on the Basis of Transaction Volume in USD million 2011-2016 – 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 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 https://www.kenresearch.com/banking-financial-services-and-insurance/financial-services/philippines-money-transfer-remittance-market-report/121464-93.html Contact Us: Ken Research Ankur Gupta, Head Marketing & Communications Ankur@kenresearch.com +91-9015378249 Tags: Bitcoin Wallet Remittance Philippines, Business growth remittance Philippines, Future Growth Remittance Philippines, Migration in Philippines, Money Remittance Business Philippines, Money Transfer Agencies Philippines, Money Transfer Industry Philippines, Online bill payment services in the Philippines, Overseas Filipino Remittance Philippines, Pawnshops Remittance Volume, Philippines Remittance industry, Remittance Flow Corridors Philippines, Remittance Flow Philippines, Remittance Market Philippines, Remittance Volumes Philippines