Market Research Reports - Ken Research Pawnshop Remittance Volume Philippines | Page 3

Domestic remittance market is dominated by pawnshops and MTO due to the large unbanked
or under-banked population in the Philippines. The enormous potential of domestic
remittances has also engrossed international players such as Western Union into the market.
Conversely, the Philippines-based service providers such as banks, regional and national
pawnshops including Cebuana and M Lhuillier and Palawan Pawnshops, LBC Express and others
have a noteworthy presence in the domestic market and have provided stiff competition to the
international players. Banco de Oro was the largest bank in the Philippines international
remittance market in 2017 followed by The Bank of Philippine Islands while Metropolitan Bank
was the third largest international remittance player in 2017.
Future Potential
The Philippines remittance and bill payments market has witnessed a considerable growth in
past five years. A noticeable amount of FDI inflows was invested in BPO, electronics and energy
sector. With the continual growth in FDI flows in the BPO sector, there are expected to be more
employment opportunities leading to large scale migrations to urban cities. Rapid growth in the
introduction and use mobile technologies in the country for money transfer and bill payments
are also a factor for future growth of domestic remittance and bill payments market of the
Philippines.
The continued growth in internal migration is expected to sustain the growth of money
transfers taking place in the Philippines. The Philippines has outshined India in terms of voice-
based outsourced projects and has become the worldwide leader in the call center industry.
Over the past six years, the BPO industry in the country has augmented at an average rate of
25%-30%. International remittance market in the Philippines will continue to be driven by the
increasing deployment of Filipinos in other countries. Unskilled workers and 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.
Key Topics Covered in the Report:
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Ecosystem of Philippines Remittance Market
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