Philippines International Remittance Driven by Consistent Growth in Overseas Filipino Workers and Rising Penetration of Banks and Mobile Money: 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 improvement in the global economic conditions has been a major growth driver in the OFW remittances during 2018. Depreciation of Philippine Peso was also a factor that raised the amount of OFW remittances.” Analysts at Ken Research in their the latest publication “Philippines Remittance and Payments Market Outlook to 2024 – Growth Backed by Sustained Internal Migration, Rise in Overseas Filipino Workers and Surge in BPO Sector” believe that promoting the 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. Growing Internal and External Migration: Migration of labor has been an important mode of movement of Filipinos to other countries particularly because of the scarcity of jobs with inadequate income in the Philippines and due to the demand, principally in less skilled occupations in overseas nations. The majority of the OFWs primarily originate from the Cavite, Laguna, Batangas, Rizal, and Quezon (CALABARZON) region (approximately 17%), and the peripheral regions of Central Luzon (approximately 15%) and Metro Manila (approximately 14%). The regions accounting for the least number of OFWs include Caraga, MIMAROPA (Mindoro Oriental and Occidental, Masbate, Romblon, and Palawan) and the Cordillera Administrative Region. Seasonal Variations in Philippines Remittance: International remittance inflows in the 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 years. 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 the 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. Competition Forces in the Philippines Remittance Market: In the Philippines, international remittance has been dominated by Banks and MTOs such as Banco De Oro, Bank of Philippines Island, Metropolitan Bank, Western Union, MoneyGram, and others. 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. Growth of Pawnshops: The broader reach of pawnshops has been fundamentally attributed to the ease of establishment. In contrast to a bank, a pawnshop requires a lesser amount of space, fewer staff, and requires much less capital, where it is mandatory for each pawnshop branch to have a capital of just PHP 100,000, as stated by BSP. Out of the 16,723 pawnshops in 2016, around 7,400 also provided some auxiliary services such as remittances facilitation, money changing, and bills payment facilitation. By the end of the first quarter of 2018, the number of pawnshops in The Philippines increased to 16,582. 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 Keywords:- Philippines Bill Payment Market Philippines Remittance Industry Philippines Remittance Market Transportation Bill Market Philippines Insurance Premium Bill Payment Market Philippines Mobile Phone Payment Market Philippines Convenience Stores Bill Payment Philippines NCR Domestic Remittance Philippines Manila Domestic Remittance Market Pawnshop Remittance Philippines LBC Express Philippines Remittance Western Union Philippines Remittance Smart Padala Philippines Revenue Pinoy Express Philippines Cebuana Lhuillier Philippines Banco De Oro Philippines For More Information on the Research Report, refer to below links: – Philippines Remittance and Payments Market Outlook Related Reports by Ken Research Europe International Remittance Market Outlook to 2023 – By Inbound & Outbound Remittance, By Channels (Banks, MTOs, M-wallets, and Others), By Inflow & Outflow Remittance Corridors, By Point of Contact (Branch Pick-up, Mobile Payment & Online Transactions, Prepaid Cards) South Africa Domestic and International Remittance Market Outlook to 2023 – By Channels Used (Banking Channels, Retailers, ADLAs & MTOs and Others), Remittance Corridors (Inbound-Outbound and Rural-Urban) UAE Remittance and Bill Payments Market Outlook to 2021 – Rising Expatriate Population, Growing Business Activities and Increasing Demand for Utilities to Foster Growth Contact Us:- Ken Research Ankur Gupta, Head Marketing & Communications Ankur@kenresearch.com +91-9015378249 Tags: Average Remittance Transactions Philippines, Banco De Oro Philippines, Banking Channel Remittance Philippines, BDI Philippines Market Share, Bill Payments Market Filipino, Cebuana 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