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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