The Philippines international remittance market registered a majority contribution from inbound remittances from other countries in 2017 . Stable progress in the diversity and coverage of global remittance networks has enabled more OFWs to remit money at a reasonable cost of services which include automated teller machines , web-based services , and reusable / reloadable cash cards . The US accounted majority of the total remittances sent to the Philippines in 2017 . The UAE was ranked as the second largest remittance source for Philippines . Saudi Arabia accounted for a major share of the remittance to Philippines in 2017 and is one of the biggest employers of OFWs .
Domestic Remittance and Bill Payments Market
The market for domestic money transfers in the Philippines is exceedingly dynamic and has been maturing since the past decade . Domestic money transfers encompass both remote money remittances and payment of bills . The choice of the service provider , to a greater degree , has been dependent upon the amount of money being transferred . Bank transfers and major PSPs were mostly used in order to transfer large amounts of money .
In-country Filipinos , characterized by domestic migrants who have moved for better economic and employment opportunities and permanent residents together , accounted for major share of the total domestic remittances . Additionally , majority of the overall domestic remittances was funded by people / families who have also received international remittances from Filipinos in other countries . Domestic remittances were observed to be transferred in top cities amongst the provinces included Quezon City , Manila , Makati , Caloocan , Paranaque , Pasig , Mandaluyong , Taguig , Pasay and Baguio .
Utilities comprised of majority of the total number of bill payments in the Philippines in 2017 . The utility bill payments were followed by payments for education which was followed by payment insurance premium .
Convenience stores such as 7-Eleven and Ministop are the major third party payment channels of the total bill payments in the Philippines in 2017 . Owing to the greater reach and accessibility ; convenience stores have dominated the bill payment landscape in the Philippines over the past many years . Bill payments through mobile and online platforms have displayed a tremendous growth over the past five years with growing mobile wallet and number of online methods offered by banks and other local players . The use of payment centers such as Bayad , along with banks , was mostly prevalent in the urban areas . Conversely , informal service providers were largely used in semi-urban and rural areas .
Competitive Landscape