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PUBLISHER: Grand View Research | PRODUCT CODE: 1133309
PUBLISHER: Grand View Research | PRODUCT CODE: 1133309
Philippines Remittance Market Size, Share & Trends Analysis Report By Mode of Transfer (Digital, Traditional (Non-digital)), By Type, By Channel (Banks, Online Platforms (Wallets)), By End Use, And Segment Forecasts, 2022 - 2030
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Philippines Remittance Market Growth & Trends:
The Philippines remittance market size is expected to reach USD 1.84 billion by 2030, growing at a CAGR of 13.3% from 2022 to 2030, according to a new report by Grand View Research, Inc. The growth can be attributed to the initiatives taken by the Philippines government, such as financial literacy programs and the adoption of the 'International Day of Family Remittances'. Furthermore, the increasing adoption of banking services across the country is another major factor expected to create new growth opportunities for the Philippines remittance industry.
According to the World Bank Group, it is expected that remittances to Low- and Middle-Income Countries (LMICs) will increase by 4.2% in 2022, reaching USD 630 billion. This comes on the heels of a near-record recovery of 8.6% in 2021, thereby expected to drive the growth of the industry. Moreover, the huge number of Overseas Filipino Workers (OFWs) employed in several countries are also contributing to the growth of the market. For instance, according to Philippines Statistics Authority, the total number of OFWs was estimated at 1.77 million from April to September 2020.
Additionally, the Philippines-based remittance service providers are continuously implementing new technologies, such as the integration of blockchain technology in the remittance platform for faster money transfers. For instance, in August 2022, a blockchain infrastructure company called Roxe announced its partnership with Cebuana Lhuillier, a money transfer service provider. This partnership aimed to enable clients in the Philippines to execute seamless cross-border remittance payments by combining Cebuana Lhuillier's extensive fund distribution methods and the Roxe blockchain network.
During the COVID-19 pandemic, the lockdown was imposed, which shifted people's attention towards digital means and technology. However, at the same time, in October 2020, ING and UNICEF introduced the 'Fintech for Impact' initiative to support fintech start-ups across the country. The top five start-ups, including BeamAndGo Pte Ltd, were chosen to receive equity-free financing as well as technical and commercial mentoring from ING, UNICEF, and other professionals for a year.
The selection of BeamAndGo was anticipated to the addition of functionality of helping migrants and their families to make responsible spending decisions for the household and manage their finances through its non-cash remittance services. Hence, such initiatives proved to be helpful for market growth during the COVID-19 pandemic.
Philippines Remittance Market Report Highlights:
- The digital segment is expected to register the fastest growth during the forecast period. The growing internet penetration among Filipinos can be attributed to the segment's growth
- The inward remittance segment dominated the market in 2021, attributed to the high migration rate of Filipinos in search of better job opportunities
- The online platforms (wallets) segment is expected to witness the fastest growth over the forecast period. The developing infrastructure for online money transfer across the country is one of the major factors anticipated to drive the segment's growth
- The personal segment is expected to witness the fastest growth over the forecast period, attributed to the growing use of remittance platforms for sending money for household purposes
Product Code: GVR-4-68039-979-8
Table of Contents
Chapter 1 Methodology and Scope
- 1.1 Research Methodology
- 1.2 Research Scope and Assumptions
- 1.3 List of Data Sources
Chapter 2 Executive Summary
- 2.1 Philippines Remittance Market - Industry Snapshot & Key Buying Criteria, 2017 - 2030 (by revenue)
- 2.2 Philippines Remittance Market, 2017 - 2030 (By Revenue)
- 2.2.1 Philippines remittance market, by mode of transfer, 2017 - 2030
- 2.2.2 Philippines remittance market, by type, 2017 - 2030
- 2.2.3 Philippines remittance market, by channel, 2017 - 2030
- 2.2.4 Philippines remittance market, by end-use, 2017 - 2030
- 2.3 Philippines Remittance Market, 2019 - 2021 (By Volume/Value)
- 2.3.1 Philippines remittance market, by mode of transfer, 2019 - 2021
- 2.3.2 Philippines remittance market, by type, 2019 - 2021
- 2.3.3 Philippines remittance market, by channel, 2019 - 2021
- 2.3.4 Philippines remittance market, by end-use, 2019 - 2021
Chapter 3 Philippines Remittance Industry Outlook
- 3.1 Market Segmentation and Scope
- 3.2 Market Size and Growth Prospects
- 3.3 Philippines Remittance Market - Value Chain Analysis
- 3.4 Philippines Remittance Market - Market Dynamics
- 3.4.1 Market driver analysis
- 3.4.1.1 Remittances on account of migration activities
- 3.4.1.2 Comprehensive infrastructure for remittances
- 3.4.2 Market challenge analysis
- 3.4.2.1 Inadequate Anti-Money Laundering (AML) governance
- 3.4.3 Market opportunity analysis
- 3.4.3.1 Partnerships between companies boosting remittance services
- 3.4.1 Market driver analysis
- 3.5 Penetration and Growth Prospect Mapping
- 3.6 Philippines Remittance Market - Porter's Five Forces Analysis
- 3.7 Philippines Remittance Market - PESTEL Analysis
- 3.8 Remittance Corridors for the Philippines
- 3.9 Remittance Received in the Philippines (In USD Million), 2019 - 2021
- 3.10 Average Transaction Cost of Sending Remittance to a Specific Country from the Philippines, 2017 to 2020
- 3.11 Trend Analysis of Cash Remittance in the Philippines
- 3.12 List of Prominent Remittance Recipients, 2021
- 3.13 Philippines Inbound Remittance Market Share (in Terms of Revenue) by Mode of Transfer
- 3.14 Philippines Outbound Remittance Market Share (in Terms of Revenue) by Mode of Transfer
- 3.15 Overview of Digital Remittance Trends in Philippines
Chapter 4 Philippines Inbound Remittance Market Analysis
- 4.1 Total Flows to the Philippines (by value), 2019 to 2021
- 4.2 Breakdown per Corridor
- 4.2.1 Breakdown by the U.S.
- 4.2.1.1 Philippines inbound remittance market share by the U.S. (in terms of volume)
- 4.2.2 Breakdown by Saudi Arabia
- 4.2.2.1 Philippines inbound remittance market share by Saudi Arabia (in terms of volume)
- 4.2.3 Breakdown by Japan
- 4.2.3.1 Philippines inbound remittance market share by Japan (in terms of volume)
- 4.2.4 Breakdown by the U.K.
- 4.2.4.1 Philippines inbound remittance market share by the U.K. (in terms of volume)
- 4.2.5 Breakdown by Canada
- 4.2.5.1 Philippines inbound remittance market share by Canada (in terms of volume)
- 4.2.1 Breakdown by the U.S.
- 4.3 Breakdown/Market Share per Remittance Company
- 4.4 Breakdown of Receiving Channels (By Revenue)
- 4.5 Philippines Remittance Market Share by Receiving Channel (in Terms of Volume)
- 4.6 Average Costs of Remittance and Average Ticket Size
Chapter 5 Philippines Outbound Remittance Market Analysis
- 5.1 Total Flows out of the Philippines (by value), 2019 to 2021
- 5.2 Breakdown per Corridor
- 5.3 Breakdown/Market Share per Remittance Company
- 5.4 Breakdown of Sending Channels (By Revenue)
- 5.5 Philippines Remittance Market Share by Sending Channel (in Terms of Volume)
- 5.6 Average Costs of Remittance and Average Ticket Size
Chapter 6 Philippines Domestic Remittance Market Analysis
- 6.1 Total Flows (by value), 2019 to 2021
- 6.2 Breakdown/Market Share per Remittance Company (By Revenue)
- 6.3 Breakdown of Sending Channels (By Revenue)
- 6.4 Breakdown of Receiving Channels (By Revenue)
- 6.5 Average Costs of Remittance and Average Ticket Size
Chapter 7 Philippines Remittance Mode of Transfer Outlook
- 7.1 Philippines Remittance Market Share By Mode of Transfer, 2021
- 7.2 Digital
- 7.2.1 Philippines digital remittance market, 2017 - 2030
- 7.3 Traditional (Non-digital)
- 7.3.1 Philippines traditional (non-digital) remittance market, 2017 - 2030
Chapter 8 Philippines Remittance Type Outlook
- 8.1 Philippines Remittance Market Share By Type, 2021
- 8.2 Inward Remittance
- 8.2.1 Philippines inward remittance market, 2017 - 2030
- 8.3 Outward Remittance
- 8.3.1 Philippines outward remittance market, 2017 - 2030
Chapter 9 Philippines Remittance Channel Outlook
- 9.1 Philippines Remittance Market Share By Channel, 2021
- 9.2 Banks
- 9.2.1 Philippines remittance market for banks, 2017 - 2030
- 9.3 Money Transfer Operators
- 9.3.1 Philippines remittance market for money transfer operators, 2017 - 2030
- 9.4 Online Platforms (Wallets)
- 9.4.1 Philippines remittance market for online platforms (wallets), 2017 - 2030
Chapter 10 Philippines Remittance End-use Outlook
- 10.1 Philippines Remittance Market Share By End-use, 2021
- 10.2 Migrant Labor Workforce
- 10.2.1 Philippines remittance market in migrant labor workforce, 2017 - 2030
- 10.3 Personal
- 10.3.1 Philippines remittance market in personal, 2017 - 2030
- 10.4 Small Businesses
- 10.4.1 Philippines remittance market in small businesses, 2017 - 2030
- 10.5 Others
- 10.5.1 Philippines remittance market in others, 2017 - 2030
Chapter 11 Competitive Analysis
- 11.1 Recent Developments & Impact Analysis, By Key Market Participants
- 11.2 Company Categorization
- 11.3 Vendor Landscape
- 11.3.1 Company market share analysis, 2021
- 11.3.2 Vendor landscape
- 11.4 Company Analysis Tools
- 11.4.1 Company market position analysis
- 11.4.2 Competitive dashboard analysis
Chapter 12 Competitive Landscape
- 12.1 PayPal Holdings, Inc.
- 12.1.1 Company overview
- 12.1.2 Financial performance
- 12.1.3 Product benchmarking
- 12.1.4 Strategic initiatives
- 12.2 Worldremit Group Limited
- 12.2.1 Company overview
- 12.2.2 Financial performance
- 12.2.3 Product benchmarking
- 12.2.4 Strategic initiatives
- 12.3 Union Bank of the Philippines
- 12.3.1 Company overview
- 12.3.2 Financial performance
- 12.3.3 Product benchmarking
- 12.3.4 Strategic initiatives
- 12.4 The Western Union Company
- 12.4.1 Company overview
- 12.4.2 Financial performance
- 12.4.3 Product benchmarking
- 12.4.4 Strategic initiatives
- 12.5 MoneyGram International, Inc.
- 12.5.1 Company overview
- 12.5.2 Financial performance
- 12.5.3 Product benchmarking
- 12.5.4 Strategic initiatives
- 12.6 Cebuana Lhuillier
- 12.6.1 Company overview
- 12.6.2 Product benchmarking
- 12.6.3 Strategic initiatives
- 12.7 LBC Express Holdings
- 12.7.1 Company Overview
- 12.7.2 Financial performance
- 12.7.3 Product benchmarking
- 12.8 MLhuillier
- 12.8.1 Company Overview
- 12.8.2 Financial performance
- 12.8.3 Product benchmarking
- 12.8.4 Strategic initiatives
- 12.9 Palawan Pawnshop
- 12.9.1 Company Overview
- 12.9.2 Product benchmarking
- 12.9.3 Strategic initiatives
- 12.10 RD Pawnshop
- 12.10.1 Company Overview
- 12.10.2 Product benchmarking.
Product Code: GVR-4-68039-979-8
List of Tables
- TABLE 1 Philippines remittance market - Industry snapshot & key buying criteria, 2017 - 2030 (by revenue)
- TABLE 2 Philippines remittance market, 2017 - 2030 (USD Million)
- TABLE 3 Philippines remittance market, by mode of transfer, 2017 - 2030 (USD Million)
- TABLE 4 Philippines remittance market, by type, 2017 - 2030 (USD Million)
- TABLE 5 Philippines remittance market, by channel, 2017 - 2030 (USD Million)
- TABLE 6 Philippines remittance market, by end-use, 2017 - 2030 (USD Million)
- TABLE 7 Philippines remittance market, 2019 - 2021 (USD Million) (Volume)
- TABLE 8 Philippines remittance market, by mode of transfer, 2019 - 2021 (USD Million) (Volume)
- TABLE 9 Philippines remittance market, by type, 2019 - 2021 (USD Million) (Volume)
- TABLE 10 Philippines remittance market, by channel, 2019 - 2021 (USD Million) (Volume)
- TABLE 11 Philippines remittance market, by end-use, 2019 - 2021 (USD Million) (Volume)
- TABLE 12 Top countries sending remittances to Philippines, 2021, (in percentage) (in value)
- TABLE 13 Six companies granted with a license for the creation of virtual banks in 2021
- TABLE 14 Cash remittances by country to Philippines in 2020 (In USD Thousands)
- TABLE 15 List of prominent remittance recipients, 2021
- TABLE 16 Philippines inbound remittance market share by mode of transfer, 2019 - 2021
- TABLE 17 Philippines outbound remittance market share by mode of transfer, 2019 - 2021
- TABLE 18 Government service and program for overseas workers
- TABLE 19 Personal remittance received in Philippines from the U.S. (in USD Thousand)
- TABLE 20 Philippines inbound remittance market share by the U.S., 2019 - 2021
- TABLE 21 List of prominent players considered in others category
- TABLE 22 Personal remittance received to the Philippines from Saudi Arabia (in USD Thousand)
- TABLE 23 Philippines inbound remittance market share by Saudi Arabia, 2019 - 2021
- TABLE 24 List of prominent players considered in others category
- TABLE 25 Personal remittance received to the Philippines from Japan (in USD Thousand)
- TABLE 26 Philippines inbound remittance market share by Japan, 2019 - 2021
- TABLE 27 List of prominent players considered in others category
- TABLE 28 Personal remittance received to the Philippines from the U.K. (in USD Thousand)
- TABLE 29 Philippines inbound remittance market share by the U.K., 2019 - 2021
- TABLE 30 List of prominent players considered in others category
- TABLE 31 Personal remittance received to the Philippines from Canada (in USD Thousand)
- TABLE 32 Philippines inbound remittance market share by Canada, 2019 - 2021
- TABLE 33 List of prominent players considered in others category
- TABLE 34 Philippines remittance market share by receiving channel (in terms of volume)
- TABLE 35 List of prominent players considered by channels
- TABLE 36 Average Costs of Remittance and Average Ticket Size in USD
- TABLE 37 Remittance sent from Philippines (in USD Million), 2021
- TABLE 38 Philippines remittance market share by sending channel (in terms of volume)
- TABLE 39 List of prominent players considered by channels
- TABLE 40 Cost of Remittance sent from the Philippines (in USD Million), 2021
- TABLE 41 Domestic remittance in USD
- TABLE 42 Philippines digital remittance market, 2017 - 2030 (USD Million)
- TABLE 43 Philippines traditional (non-digital) remittance market, 2017 - 2030 (USD Million)
- TABLE 44 Philippines inward remittance market, 2017 - 2030 (USD Million)
- TABLE 45 Philippines outward remittance market, 2017 - 2030 (USD Million)
- TABLE 46 Philippines remittance market for banks, 2017 - 2030 (USD Million)
- TABLE 47 Philippines remittance market for money transfer operators, 2017 - 2030 (USD Million)
- TABLE 48 Philippines remittance market for online platforms (wallets), 2017 - 2030 (USD Million)
- TABLE 49 Philippines remittance market in migrant labor workforce, 2017 - 2030 (USD Million)
- TABLE 50 Philippines remittance market in personal, 2017 - 2030 (USD Million)
- TABLE 51 Philippines remittance market in small businesses, 2017 - 2030 (USD Million)
- TABLE 52 Philippines remittance market in others, 2017 - 2030 (USD Million)
- TABLE 53 Vendor landscape
List of Figures
- FIG. 1 Market segmentation and scope
- FIG. 2 Philippines remittance market, 2017 - 2030 (USD Million)
- FIG. 3 Philippines remittance market - Value chain analysis
- FIG. 4 Philippines remittance market - Market dynamics
- FIG. 5 Philippines remittance market - Key market driver impact
- FIG. 6 Remittance received by Philippines, 2019 - 2021, (in USD million)
- FIG. 7 Philippines remittance market - Key market challenge impact
- FIG. 8 Philippines remittance market - Key market opportunity impact
- FIG. 9 Key opportunities prioritized
- FIG. 10 Philippines remittance market - Porter's five forces analysis
- FIG. 11 Philippines remittance market - PESTEL analysis
- FIG. 12 Remittance received in the Philippines (In USD Million), 2019 - 2021
- FIG. 13 Average transaction cost of sending remittance to a specific country from the Philippines, 2017 - 2020 (%)
- FIG. 14 Total Flows to the Philippines (by value) (in USD Million), 2019 to 2021
- FIG. 15 Percentage distribution of overseas Filipinos by place of work, 2020
- FIG. 16 Number of overseas Filipino workers deployed from, 2019 to 2021 (in Thousand)
- FIG. 17 Percentage distribution of overseas Filipinos by age group, 2020
- FIG. 18 Number of Filipino registered emigrants living in the U.S. from 2017 to 2020 (in Thousand)
- FIG. 19 Cash remittance from the U.S. (in USD million)
- FIG. 20 Total value of cash remittances sent to the Philippines by OFWs based in Saudi Arabia (in USD billion)
- FIG. 21 Largest groups of Filipinos in Japan, 2020
- FIG. 22 Total value of cash remittances sent to the Philippines by OFWs based in Japan (in USD billion)
- FIG. 23 Total value of cash remittances sent to the Philippines by OFWs based in the U.K. (in USD million)
- FIG. 24 Total value of cash remittances sent to the Philippines by OFWs based in Canada (in USD million)
- FIG. 25 Market Share for Inbound Remittance, 2021 (in terms of revenue)
- FIG. 26 Market Share for Inbound Remittance, 2021 (in terms of volume)
- FIG. 27 Breakdown of receiving channels, 2021 (by revenue)
- FIG. 28 Total Flows out of the Philippines (by value) (in USD Million), 2019 to 2021
- FIG. 29 Market share outbound remittance, 2021 (in terms of revenue)
- FIG. 30 Breakdown of sending channels, 2021 (by revenue)
- FIG. 31 Total Flows (by value), 2019 to 2021 (in USD Million)
- FIG. 32 Market share domestic remittance, 2021 (in terms of revenue)
- FIG. 33 Breakdown of sending channels, 2021 (in terms of revenue)
- FIG. 34 Breakdown of receiving channels, 2021 (in terms of revenue)
- FIG. 35 Philippines remittance market, by mode of transfer, 2021
- FIG. 36 Philippines remittance market, by type, 2021
- FIG. 37 Philippines remittance market, by channel, 2021
- FIG. 38 Philippines remittance market, by end-use, 2021
- FIG. 39 Philippines remittance market - Company categorization
- FIG. 40 Philippines remittance market - Company market share analysis, 2021 (by revenue)
- FIG. 41 Philippines remittance market - Company market position analysis, 2021
- FIG. 42 Philippines remittance market - Competitive dashboard analysis
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