Philippines International Remittance MarketSegmentation by Major channels (Banks and Non Banks) by Remittance Source Regions (Americans, Middle East, Asia, Europe, Oceania and Africa) and by Land Based and SeaBased
Increased accessibility of banks is expected to raise the rate of remittances channeled through banks. Moreover, as financial inclusion leads to more Filipinos with bank accounts, remittances coursed through banks will further witness an increase in the coming years. The US is likely to be the largest country of origin of overseas remittances owing to the relatively high average amount of money sent by a Filipino residing and working in the US.
The growing remittance partnerships in the country between banks, pawnshops and money transfer organizations are also expected to strengthen the market in the coming five years. However, stricter immigration regulations in the remittance source countries can be posed as a challenge for remittance growth in the future. Remittances may also be impacted by the de-risking followed by banks and increased regulation of money transfer operators, both aimed at reducing financial crime will continue to constrain the growth of formal remittances.
However, major digital trends are expected to revolutionize the mobile financial services in the country majorly through virtual currencies, wearable technologies and biometrics. In future, bitcoin is expected to have a large impact on the global remittance market, particularly in developing countries such as the Philippines. On the other hand, the growing popularity of bitcoin in Philippines has even prompted the BSP to draft new regulations on bitcoin remittances market to promote the use of digital transactions in the country which will augment the growth of Philippines International Remittance market.
The report provides a comprehensive analysis of the remittance & bill payment market in Mexico. The report covers various aspects such as overall size of Mexico Remittance market in terms of transaction volume and total number of transactions.
The report which provides a comprehensive analysis of remittance and bill payments market in UAE. The report covers market size, segmentation on the basis of remittance channel, mode of transfer, type of service and remittance corridor for international remittance market.
The report provides a comprehensive analysis of remittance and bill payments market in Russia. The report covers market size, segmentation on the basis of inbound & outbound remittance, remittance channel, mode of transfer and remittance corridor for international remittance market.