WiseGuyReports.com adds “Money Remittance and Bill Payment Services Market 2019 The Philippines Analysis, Growth, Trends and Opportunities Research Report Forecasting to 2024” reports to its database.
This report provides in depth study of “Money Remittance and Bill Payment Services Market” using SWOT analysis i.e. Strength, Weakness, Opportunities and Threat to the organization. The Money Remittance and Bill Payment Services Market report also provides an in-depth survey of key players in the market which is based on the various objectives of an organization such as profiling, the product outline, the quantity of production, required raw material, and the financial health of the organization.
Philippine’s economy is strongly driven by remittance inflow, in which international remittance play a pivotal role, contributing 10.5% to overall GDP. Remittance inflows contribute a prominent share to their GDPs and drives economic growth & livelihoods of people across the country. The market is completely reliant on the migrated population spread worldwide and remittances made by them. Overseas Filipino Workers (OFWs) are essential wheel of the Philippines economy. From a macroeconomic perspective, there contribution helps to boost aggregate demand and thereby spurring the GDP as well as economic growth throughout the country.
Country Driven by Remittance Market
These remittances have assisted nations in strengthening their foreign exchange reserves, which in turn helped them to meet the balance of payments, made external payments better, and stabilized the value of the local currency against the US dollar. Additionally, they assisted nations to attain progress towards other Millennium Development Goals (MDGs), such as access to education, safe water, sanitation and healthcare.
Philippines Money Remittance Market Performance
Money Remittance Market encompasses of both International Remittance and Domestic Remittance Market and has presented a significant growth in the past five years recording a CAGR of 5.9%. The market revenue has grown consistently over the years; however the growth rate was volatile due to several factors. The prime reasons where global slow down, oil crisis, diplomatic crisis, and many more.
The market is expected to showcase an upward trend, both in terms of revenue and growth rate. A CAGR of 6.5% is projected during 2018–2022, which is expected to incline by 2022.The Y-o-Y escalation is a positive outlook for the market as well as for the archipelago nation’s development.
Money Remittance Market is segmented into Domestic Remittance Market and International Remittance Market.
The market is dominated by Domestic Remittance Market in terms of number of transaction; however in terms of value of transaction International Remittance dominate. Around 80.0% of the total domestic remittance are characterized by Filipinos and rest 20% by the dependents of OFWs in the country.
Reviving International Remittance Market
Philippines economy is greatly reliant on billion dollar remittances from Filipinos residing and working in around 239 countries and territories. International Money Remittance Market has been volatile, over the past few years due to, the Kuwait and the Philippines diplomatic crisis, and many more. The global crisis restricted the Filipino diaspora which hit the market in growth terms. However, in terms of cash remittances inflow it showed an upward trend.
The market witnessed a CAGR of 5.6% during the period 2012–2017 and it is expected to revive in future and portray a steady growth.
The two categories of workers namely, land-based workers and sea-based workers together contribute to the total cash remittances. The major share is contributed by land-based workers in 2017. Remittance has acted as a critical source of foreign funding for the developing countries.
Key Players in the Philippines International Remittance Market
BDO Unibank, Inc, Bank of the Philippine Islands, Philippine National Bank, Metro Bank, Western Union, I-Remit Inc, MoneyGram International, Wells Fargo & Company, LBC Express Inc.
Domestic Remittance Market Dominance
Filipinos have access to a gamut of remittance services offered by players in both the banking as well as the non-banking channel. The market has also been flooded with informal means of making payments. The increase in local migration over the years has been favorable to the growth of domestic market.
The choice of these services largely depends on the quality, pricing, accessibility, convenience and a host of other benefits offered by the banks, money transfer companies and pawnshops. Some of the largely used remittance services in the Philippines constitute door-to-door delivery, branch pick-up, direct to account transfer and cash/pre-paid cards.
The number of transactions was relatively more in the domestic market and banks were the preferred channels for OFWs in order to make remittances to their families in the Philippines, while Filipinos inside the country preferred pawnshops and other money transfer companies to send remittances.
Key Players in the Philippines Domestic Remittance Market
Palawan Pawnshop, Cebuana Lhuilier, MLhuillier, Inc, Western Union, LBC Express Inc, BDO Unibank, Inc, and Others.
Non-banking Channels Driving Bill Payment Services Market
The bill payment services market in the Philippines projected a CAGR of 17.1% during 2012-2017, showcasing a good growth prospect. The bill payments are largely managed by non-banking channel via utility service providers, of which convenience stores were the most preferred location for making payments.
These payments largely included payments for utilities such as water and electricity. However, due to the wide accessibility of convenience stores and payment centers, a noteworthy amount of transactions pass through these entities.
Major Key Points in Table of Content
- Report Synopsis
2. Industry Overview
2.2. Country Overview–EPTD Analysis
- Research Methodology
3.1. Objective of Study
3.2. Key Variants and Definitions
3.4. Hypothesis Creation and Testing
3.5. Cross Method Analysis
3.6. Limitation of Study
7.5. International Money Remittance Market– Company Profile
7.5.1. Company Profile–BDO Unibank, Inc
7.5.2. Company Profile–Bank of the Philippine Islands
7.5.3. Company Profile–Metro Bank
7.5.4. Company Profile–Philippine National Bank
7.5.5. Company Profile–Western Union
7.5.6. Company Profile–I-Remit, Inc
7.5.7. Company Profile–MoneyGram International
7.5.8. Company Profile–Wells Fargo & Company
7.5.9. Company Profile–LBC Express, Inc
7.6. International Remittance Market Future Outlook–By Value of Transactions, 2018–2022
Scope of the Study
The synopsis presented is a substance from the report titled “The Philippines Money Remittance and Bill Payment Services Market: An Outlook to 2022” published by MCORE Business Research. The report deals with market assessment on various parameters, discussing major segments, and assessing the impact of economic, political, technological & demographic factors on the market. The study also interpret market dynamics which offer an understanding of industry trends, driving forces and major challenges obstructing the growth. The report gives a glimpse of future opportunities prevailing in the market which may help market players to leverage untapped business potential.
The report helps readers to gain information on following areas
• How the Philippines remittance market is performing?
• How Money Remittance Market is driving the country’s economy?
• How International and Domestic Remittance are performing and supporting the economy?
• What is the current scenario and future prospect of Bill Payment Services in Philippines?
• What are the prospective geographies from where remittances are made into the country?
• What is the role of technology and its current state in the market?
• Who are the leading service providers in domestic and international remittance market and why?
• What is the future expected growth of the market?
• What is the role of government in present and future performance of the market?
• What drives and retards the growth of the prospective market?
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