LONDON, Nov. 30, 2016 /PRNewswire/ --
The market research report titled 'Philippines Domestic and International Money Transfer Industry Outlook to 2019 - Driven by Mobile Money and Increase in OFWs' provides a comprehensive analysis of international and domestic remittances in the Philippines. The report covers various aspects such as market size on the basis of total volume of domestic and international remittances and bills paid. The report is useful for industry consultants, remittance service providers (MTOs), banks, local agents and other stakeholders to align their market centric strategies according to ongoing and expected trends in the future.
Domestic Remittance 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 domestic remittance space in Philippines has largely been a cash-to-cash market, with the money flowing from several informal modes of payment such as friends, family, drivers and others. As majority of the population in the Philippines has continued to remain un-banked, coupled with the fact that cash-to-cash mode of payment is not fitting to banks' transaction services, regulatory and compliance structure, a large portion of the country's inhabitants continue to resort to exchange of hard cash. The total market for domestic remittances was valued at USD ~ million in 2014 with around ~ million transactions. In-country Filipinos, characterized by domestic migrants who have moved for better economic and employment opportunities and permanent residents together, accounted for approximately 80% of the total domestic remittances.
Only ~% of the total number of domestic remittance transactions was accounted by the banking channel in 2014. Of this, a significant proportion of the money transfers took place in urban areas in 2014. Lack of banking offices in several regions in Philippines has led to the emergence and growth of several other financial service providers (FSPs) such as pawnshops, money changers (MCs), money transfer companies, remittance agents (RAs) and FX dealers. Major players in the domestic remittance market includes Palawan Pawnshop, LBC Express, Western Union, M Lhuilier, Cebuana Lhuilier, Banco de Oro Unibank, Pinoy Express, iRemit and others.
The domestic remittance transaction volume in the Philippines is expected to grow at a CAGR of ~% from USD ~ million in 2014 to USD ~ million in 2019. However, owing to stiff competition resulting from price wars amongst several players, the market is likely to showcase a nominal growth in terms of revenues as the average transaction charges are expected to decline in the coming years.?
Domestic Bill Payment Market
The bill payment market in the Philippines was recorded at USD ~ million, in terms of volume of transactions taking place in 2014. Bill payment transaction volume has grown at a CAGR of ~% from USD ~ million in 2009. The total number of bills paid was ~ million in 2009 which has grown to ~million in 2014 at a CAGR of ~%. A greater proportion of the bill payment has been utilized for the payment of utilities such as water and electricity. Convenience stores such as 7-Eleven and Ministop were responsible for ~% of the total bill payments in the Philippines in 2014. Owing to the greater reach and accessibility, convenience stores have dominated the bill payment landscape in the Philippines over the past many years. A noteworthy chunk of the population in the country has preferred to pay bills in cash directly at the biller offices with biller business offices registering a share of ~% in 2014.
International Remittance Market
The Philippines international remittance market registered a total of USD ~ million in inbound remittances from other countries in 2014 and showcased an annual growth rate of ~% from 2013. The total remittances from OFWs accounted for ~% of the country's overall economic output in 2014. Stable progress in the diversity and coverage of global remittance networks has enabled OFWs to remit money at a reasonable cost of services which include automated teller machines, web-based services, and reusable/reloadable cash cards. Remittances also exhibit an increase amid the holiday season especially in December as overseas Filipino workers send more money back home for Christmas festivities, gifts and other holiday related expenses.
With a market share ~%, Banco de Oro was the largest bank in the Philippines remittance market in 2014. The total volume of international remittances coursed through the bank was USD ~ million in 2014.
Key Topics Covered in the Report:
The market size of Philippines domestic remittance market.
The market size of Philippines international remittance market.
The market size of Philippines bill payment market.
Market segmentation of Philippines domestic remittance market on the basis of major remittance channels, type of services and major flow corridors.
Market segmentation of Philippines international remittance market on the basis of major flow corridors and average remittance transaction per OFW on the basis of occupation, place of work and mode of transfer.
Market segmentation of Philippines bill payment market on the basis of types of payment.
Trends and Development in Philippines domestic and international remittance market.
Entry barriers in Philippines domestic and international remittance market.
Competitive landscape, market share, service positioning and strengths and weaknesses of major players in Philippines domestic and international remittance market.
Future outlook and projections of Philippines domestic and international remittance market.
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