Market Research Report Overseas Filipino Remittance Philippines,Migration | Page 2

In the past five years, remittances have continually showcased a healthy
compounded annual growth rate of 6.0%, driven by escalating demand
for Filipino workers, particularly in North America, Saudi Arabia, UAE,
Qatar, Hong Kong and Kuwait. In terms of the sector of employment,
the highest demand has been from the service sector, and subsequently
professional and technical sectors. Domestic remittance has also gained
significant importance in the recent years in Philippines. Continued
expansion of the Philippine economy and the generation of local income
have contributed greatly to the distribution of wealth countrywide.
The increase in local migration over the years has been favorable to the
growth of domestic money transfers. Increased use of basic utilities,
gadgets, internet and others have raised the bill payments market of the
country at a significant rate. Mobile money transfers have been gaining
massive traction in the Philippines domestic remittance environment
owing to several benefits accrued by this service. The aforementioned
factors depict an increasing potential of money transfer industry in
Philippines. Overseas Filipino Remittance Philippines, Bitcoin Wallet
Remittance Philippines, Remittance Flow Philippines, Online Bill
Payment
industry Philippines, Migration in Philippines, OFW
Remittance Market Statistics, Online bill payment services in the
Philippines, Money Transfer Agencies Philippines.
The report titled “Philippines Domestic and International Money
Transfer Industry Outlook to 2021 – Growing Number of Overseas
Filipino Workers and Technological Advancements to Aid Market
Growth ” by Ken Research suggested tremendous growth in the
domestic remittance, bill payments and international remittance market
at a CAGR of 8.6%, 17.4% and 6.6% respectively in terms of transaction
volume in the next five years till 2021.