Market Research Report Money Transfer Agencies Philippines,Remittance Flo | Page 10

10
Philippines Remittance Market
WHAT IS THE SCENARIO OF REMITTANCES IN THE PHILIPPINES?
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.
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.
Figure: Philippines International Remittance Market Size on the Basis of Transaction
Volume in USD million, 2011-2016
2011
2012
2013
2014
2015
2016
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