Increasing number of money transfer organizations, rising penetration of banks and growing number of money transfer modes such as mobile money, M-POS, NFC technology and others depicts growth in the money transfer industry of Philippines.
The Philippines has been the nation of source of one of the biggest Asian migrant Diasporas, with its economy greatly reliant on billion-dollar remittances from Filipinos residing and working in around 239 countries and territories. 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, Similar to other countries with huge population of migrant workers, remittances have developed into the primary sustenance source for the beneficiaries in the Philippines. 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.
Topics Covered In the Report
- 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,
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Ankur Gupta, Head Marketing & Communications