Philippine’s remittance market is led by the international remittances and domestic remittances which are characterized by the OFW remittance inflow, the internal migrant’s transfers. Throughout 2013-2018, the international and domestic remittance markets have presented a remarkable growth. The Overseas Filipino Workers (OFWs) space has been the most imperative source of growth across the Philippines economy. The majority of the OFWs principally originate from the Cavite, Laguna, Batangas, Rizal, and Quezon (CALABARZON) region and the outlying regions of Central Luzon and Metro Manila. Market growth can be accredited to aspects like an augmenting the number of OFWs, increasing the infrastructure and developmental activities, growing the business sectors and increasing job opportunities within the country, surging BPO sector and other connected factors.
According to the report analysis, ‘Philippines Remittance and Payments Industry Outlook to 2024 – Growth Backed by Sustained Internal Migration, Rise in Overseas Filipino Workers and Surge in BPO Sector’ states that the continued enlargement of remittances in the past countless years has been impelled by the sustained innovation on the part of banks, money transfer companies and several other financial institutions which deliver the remittance services to overseas Filipino workers. Mainstream of the money remittances accomplished by Filipino households are routed through commercial banks. During 2018, more than 80% of the complete remittances were coursed through banks, indicating Filipinos’ increasing faith on this channel instead of sending money back home by means of the friends or relatives. Remittances transported through banks have presented the inclining participation over the last five years. Banco de Oro was the greatest bank in the Philippines remittance market during 2018 in terms of transaction volume coursed through banks. BDO has formed countless partnerships with other money transfer companies and pawnshops during the past few years. This has significantly assisted the bank to register a robust performance across the international remittance space.
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On the basis of region, the US registered for the majority of the total remittances sent to the Philippines during 2018. The Saudi Arabia was ranked as the second greatest remittance source for the Philippines. UAE registered for a foremost share of the remittance to the Philippines during 2018 and is one of the greatest employers of OFWs.
The Philippines remittance and bill payments market has observed the considerable growth during the past five years. A perceptible amount of FDI inflows was contributed in BPO, electronics, and energy sector. With the recurrent growth in FDI flows in the BPO sector, more employment opportunities are projected that will lead to great scale migrations to urban cities. Speedy growth in the introduction and utilization of mobile technologies in the country for money transfer and bill payments are also an aspect for the future growth of the domestic remittance and bill payments market of the Philippines.
The continued growth in internal migration is projected to sustain the growth of money transfers taking place across the Philippines. The Philippines has outperformed India in terms of voice-based outsourced projects and has become the universal leader in the call center industry. Over the past six years, the BPO industry in the country has increased at an average rate of 25%-30%. International remittance market in the Philippines will continue to be propelled by the growing deployment of Filipinos in other countries. Unskilled workers and laborers will support their status as the greatest deployed fraction of overseas workers and will endure to account for the greatest share of aggregate remittances.
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Related Report by Ken Research: –
Russia Remittance and Bill Payments Market Outlook to 2023 (Second Edition)- By Domestic Remittance Banking & Non-Banking Channels; International Remittance Flow Corridors and Channel; and Bill Payment Segment
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