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.

1. Philippines Domestic and International
Money Transfer Industry Outlook to
2019

2. Philippines Domestic and International MoneyTransfer
Industry Outlook to 2019” 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.

3. 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,

4. 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.

5. 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

6. 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.

7. 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.

8. 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.

9. 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.

10. 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.

11.  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.

12.  Related Reports: https://www.kenresearch.com/banking-financial-
services-and-insurance/financial-services/philippines-remittance-market-
research-report/2067-93.html
 Contact:
Ken Research
Ankur Gupta, Head Marketing & Communications
Ankur@kenresearch.com
+91-9015378249
 Website : www.kenresearch.com

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