Market Research Report Overseas Filipino Remittance Philippines,Money Rem | Page 14

June 2017
Philippines Remittance Market Outlook to 2021
laborers will uphold their status as the largest deployed fraction of overseas workers
and will continue to account for the largest share of aggregate remittances.
Competitive Landscape
The domestic remittance space in Philippines has largely been a cash-to-cash market,
with the money flowing from several informal modes of payment such as friends,
family, drivers and others. As majority of the population in the Philippines has
continued to remain un-banked, coupled with the fact that cash-to-cash mode of
payment is not fitting to banks' transaction services, regulatory and compliance
structure, a large portion of the country’s inhabitants continue to resort to exchange
of hard cash. These formal payment channels, which include banks, money transfer
companies and pawnshops, serve a significant proportion of the Philippine
population. Major Players in the market include Palawan Pawnshop, Cebuana
Lhuillier, LBC Express, Western Union, M Lhuillier and others.
In 2016, banks absorbed ~% of the total remittances, indicating Filipinos’ mounting
faith on this channel instead of sending money back home by means of friends or
relatives. Remittances transferred through banks such as Banco De Oro, The Bank of
the Philippine Islands, Philippine National Bank, Metro Bank have showcased an
inclining participation over the last five years. On the other hand, money transfer
companies such as I-Remit, LBC Express, Western Union, Xoom and MoneyGram
were also important remittance channels for OFWs in the Philippines, recording a
contribution of ~% to the total international remittance transaction volume in 2016.
Key Topics Covered in the Report:
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Overview of Philippines Domestic Remittance Market
Philippines Domestic Remittance Market Size
Philippines Domestic Remittance Market Segmentation
Growth Drivers of Philippines Domestic Remittance Market
Competitive Landscape of Major Players in Philippines Domestic and
International Remittance Market
Philippines Bill Payments Market Size
Philippines Bill Payments Market Segmentation
Rising Penetration of Mobile Money Transfers
Philippines Domestic Remittance and Bill Payments Market Future Outlook
Philippines International Remittance Market Overview
Philippines International Remittance Market Size
Philippines International Remittance Market Segmentation
Trends in Philippines International Remittance Market
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