Philippines Remittance Market
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Philippines Remittance Market
PHILIPPINES DOMESTIC REMITTANCE AND BILL PAYMENTS MARKET
Domestic money transfers encompass both remote money remittances and payment of bills . A remote money remittance is termed as the transmission of funds from one person to another through either an agent , or through individual-to-individual transfers from one bank account or e-wallet to another . The total market for domestic remittances was valued at USD ~ million in 2016 with around ~ million transactions . In-country Filipinos , characterized by domestic migrants who have moved for better economic and employment opportunities and permanent residents together , accounted for approximately ~% of the total domestic remittances . The increase in local migration over the years has been favorable to the growth of domestic money transfers .
The bill payment market in the Philippines was recorded to be USD ~ million , in terms of volume of transactions taking place in 2016 . Payments of utility bills such as electricity , telephone and water bills dominated the bill payment landscape in the same year . A greater part of bill payments took place through the non-banking channel , of which convenience stores were the most preferred location for making payments . The amount and frequency of bills payments for utilities has been considerably high in the country , largely because the high cost of electricity and water provision to an average Filipino
Figure : UAE Genset Market Future Outlook and Projections on the basis of Revenue in USD Million , 2017-2021
PHILIPPINES INTERNATIONAL REMITTANCE MARKET
Remittances sent by cross border migrant workers are a traditional means of financial support to family members back home . Over the past several years , as the number of migrant workers have increased , remittance flows have also showcased an upward trend .
The Philippines international remittance market registered a total of USD ~ million in inbound remittances from other countries in 2016 . The total remittances from OFWs accounted for ~% of the country ’ s overall economic output 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 .
A momentous proportion of remittances were received from the US , followed by Saudi Arabia and UAE . Even though the US has not been amongst the leading destinations for Filipinos , it has continued to dominate the remittance inflows in the Philippines over the past five years . OFWs which worked as government officials were observed to remit the highest during the year 2016 in comparison to other professions such as technicians , clerks , farmers and others . Officials of the government and corporate executives remitted average of amounts of PHP ~ thousand and PHP ~ thousand for males and females respectively during the complete year of 2016 . Few of the most popular modes of money transfer include private agencies , banks , door to door service providers and friends / co-workers . Cash remittance agencies have been one of the most popular modes of transactions .
USD Million
2016 2017 2018 2019 2020 2021
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