Consistent Growth in Overseas Filipino Workers and Rising Penetration of Banks in International Remittance has supported Growth in International Money Transfer: 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 Key Takeaways from Ken Research report titled, “Philippines Money Transfer and Bill Payment Market Outlook to 2023” The improvement in the global economic conditions has been a major growth driver in the OFW remittances during 2017. Depreciation of Philippine Peso was also a factor that raised the amount of OFW remittances Migration of labor has been an important mode of movement of Filipinos to other countries particularly because of scarcity of jobs with inadequate income in the Philippines and due to the demand, principally in less skilled occupations in overseas nations. From 2010 to 2016, Saudi Arabia, UAE and Singapore were the foremost countries for the deployment of newly hired and re-hired land-based OFWs. Nevertheless, in 2011, there were more OFWs positioned in Singapore than in Hong Kong and Qatar, rendering Singapore the third most important destination of OFWs. International remittance inflows in Philippines are highly affected by seasonal patterns. For instance, March is the month for graduation in the Philippines and remittances have showcased significant incline in this month over the past five year. Remittances also inclined in the months from May to June as it is the period of opening of schools. Moreover, transfer of finances from OFWs also exhibited a hike amidst the holiday season especially in the month of December as they sent more money back home for Christmas festivities, gifts and other holiday related expenses. The gains that families in the Philippines draw from remittances principally hinge on where and how they spend the remittances. For instance, Filipino households which obtained remittances from overseas Filipino workers have spent relatively less on consumption of goods such as food and more on investment goods such as housing and education. International remittances have been characteristically utilized for investments in human capital and physical assets, which majorly include health and education. Such investments were observed to be directly responsible for invigorating growth. In Philippines, remittance has been dominated by companies such as Western Union, Bank of Philippines Island, LBC Express, BDO, Metropolitan Bank. On the other hand, the market is becoming competitive with the introduction of new technologies. 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. Analysts at Ken Research in their latest publication “Philippines Money Transfer and Bill Payments Market Outlook to 2023 – By Domestic Remittance Banking and Non Banking (Pawnshops, MTO) Channels, International Remittance Flow Corridors and Channel; Bill Payment Segment” believe that promoting latest technologies such as digitization of money transfer, new transaction platforms and increasing deployment of Filipinos in other countries will aid the Philippines International Remittance Market. For more information on the market research report please refer to the below link: https://www.kenresearch.com/banking-financial-services-and-insurance/financial-services/philippines-money-transfer-bill-payments-market/152427-93.html Related Reports: https://www.kenresearch.com/banking-financial-services-and-insurance/financial-services/mexico-remittance-bill-payment-market/103497-93.html https://www.kenresearch.com/banking-financial-services-and-insurance/financial-services/uae-remittance-bill-payment-market/110397-93.html https://www.kenresearch.com/banking-financial-services-and-insurance/financial-services/russia-remittance-bill-payment-market/142289-93.html https://www.kenresearch.com/banking-financial-services-and-insurance/financial-services/nigeria-remittance-bill-payment-market/142292-93.html Contact Us: Ken Research Ankur Gupta, Head Marketing & Communications Sales@kenresearch.com +91-9015378249 Post Views: 3 Tags: Average Remittance Transactions Philippines, Banking Channel Remittance Philippines, Bill Payments Market Filipino, Competitive Landscape Philippines International Remittance, Domestic Remittance Transactions Philippines, Flow Corridor Remittance Philippines, Inbound Remittance to Philippines, Money Transfer Operators in Philippines, Pawnshop Remittance Volume Philippines, Pawnshops Remittance Market Philippines, Penetration Mobile Money Transfers Philippines, Philippines Bill Payments Expenditure, Philippines Bill Payments Industry, Philippines Bill Payments Market Growth, Philippines Domestic Money Transfer Future, Philippines Domestic Remittance InMigrants, Philippines Domestic Remittance Sector, Philippines Domestic Remittance Volume, Philippines International Money Transfer Industry, Philippines International Remittance Future, Philippines International Remittance Growth, Philippines International Remittance Size, Philippines Remittance industry, Third Party Bill Payment Market Philippines