The Philippines remittance market is projected to exhibit a growth rate (CAGR) of 12.20% during 2024-2032. The market in Philippines is majorly driven by robust overseas workforce, continual advancements in digital transfer platforms, supportive government initiatives, heightened economic stability through consumption, and strategic expansions in service networks.
Report Attribute
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Key Statistics
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Base Year
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2023 |
Forecast Years
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2024-2032
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Historical Years
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2018-2023
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Market Growth Rate (2024-2032) | 12.20% |
Growing Diaspora and Labor Migration
The Philippines' remittance market is primarily fueled by its vast diaspora of overseas Filipino workers (OFWs). These workers are spread globally, often in search of better employment opportunities, and regularly send money back to their families in the Philippines. This inflow is crucial as it provides a significant source of foreign currency and supports the livelihoods of millions of Filipinos. The Philippine government, recognizing the importance of these remittances, has implemented various programs to support OFWs, including labor agreements with foreign countries and protection policies that ensure their rights and welfare. This ongoing support helps sustain the flow of remittances by facilitating safer and more reliable employment opportunities for Filipinos overseas.
Advancements in Digital Remittance Services
Technology based remittance products such as mobile wallets and Fintech based transfer solutions have gained popularity recently as they are increasingly time effective and even instant. Digital transactions were already on the rise before the COVID-19 pandemic due to the changing nature of consumer needs and preferences, but the pandemic crosscut this growth as physical distancing reduced the feasibility of cash pickups. These platforms improve security and have a lower cost of transferring funds compared to traditional methods, creating benefits for both the sender and the receiver. It is largely anticipated that this digital shift will persist to rise as more individuals in the Philippines obtain technical knowledge and as widespread usage of smartphones in the nation progresses.
Government Initiatives and Support
The Philippine government actively contributes to the robustness of the remittance market through various supportive measures aimed at both easing and safeguarding the remittance process. Initiatives include improving financial literacy among OFWs and their families, streamlining remittance processes, and offering incentives for using official channels. These measures help to ensure that remittances are sent through formal channels, which are safer and more reliable. Furthermore, the government often negotiates bilateral agreements that ease labor migration and remittance flows, ensuring that OFWs have secure and legal pathways for employment abroad
Expansion of Service Networks and Partnerships
The expansion of networks and partnerships among banks, money transfer operators, and fintech companies is crucial in increasing the accessibility and efficiency of remittance services. These partnerships are particularly beneficial in reaching rural and underserved areas where traditional banking services might be limited. They also help integrate more of the population into the formal financial system, promoting financial inclusion. By improving service delivery and expanding reach, these collaborations ensure that remittances can be sent and received more conveniently and securely across the country.
IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the country level for 2024-2032. Our report has categorized the market based on mode of transfer, type, channel, and end use.
Mode of Transfer Insights:
The report has provided a detailed breakup and analysis of the market based on the mode of transfer. This includes digital and traditional (non-digital).
Type Insights:
A detailed breakup and analysis of the market based on the type have also been provided in the report. This includes inward remittance and outward remittance.
Channel Insights:
The report has provided a detailed breakup and analysis of the market based on the channel. This includes banks, money transfer operators, and online platforms (wallets).
End Use Insights:
A detailed breakup and analysis of the market based on the end use have also been provided in the report. This includes migrant labor workforce, personal, small businesses, and others.
Regional Insights:
The report has also provided a comprehensive analysis of all the major regional markets, which include Luzon, Visayas, and Mindanao.
The market research report has also provided a comprehensive analysis of the competitive landscape. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.
Report Features | Details |
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Base Year of the Analysis | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Units | US$ Million |
Scope of the Report | Exploration of Historical and Forecast Trends, Industry Catalysts and Challenges, Segment-Wise Historical and Predictive Market Assessment:
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Mode of Transfers Covered | Digital, Traditional (Non-digital) |
Types Covered | Inward Remittance, Outward Remittance |
Channels Covered | Banks, Money Transfer Operators, Online Platforms (Wallets) |
End Uses Covered | Migrant Labor Workforce, Personal, Small Businesses, Others |
Regions Covered | Luzon, Visayas, Mindanao |
Customization Scope | 10% Free Customization |
Post-Sale Analyst Support | 10-12 Weeks |
Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |