June 2017
Philippines Remittance Market Outlook to 2021
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Philippines Remittance Market Outlook to 2021
T ABLE OF C ONTENTS 1. Executive Summary Macro Environment in Contact with Remittance Industry Performance Domestic Remittance Market Domestic Bill Payment Market International Remittance Market 2. Research Methodology 2.1. Market Definitions 2.2. Abbreviations 2.3. Market Size and Modeling Approach – Market Sizing Variables (Dependent and Independent) Final Conclusion 3. Philippines Domestic Money Transfer Market 3.1. Philippines Domestic Remittance and Bill Payment Introduction Overview Remote Money Transfers and Bill Payments Players in the Domestic Remittance Market Role of Payment Service Providers 3.2. Philippines Domestic Remittance Market Size, 2011-2016 3.3. Philippines Domestic Remittance Market Segmentation, 2016 3.3.1. By Major Remittance Channels: Bank vs. Non-Bank, 2016 3.3.2. By Types of Services (Door to Door, Online, Branch Pick-Up, Prepaid Cards and Direct Credit to Bank Account), 2012-2016 3.3.3. By Major Flow Corridors, 2016 Migration to Manila Major Reasons for Migration Remittance Recipient Regions 3.4. Growth Drivers of Philippines Domestic Remittance Market Decline in Unbanked Municipalities Decline In the Number of Pawnshops, 2011-2016 Surge in BPO Employees in the Philippines, 2011-2016 Infrastructural Development Higher Remittance During Festival Months Robust Growth in the Tech Industry 3.5. Competitive Landscape of Major Players in Philippines Domestic Remittance Market 3.5.1. Market Share of Major Players in Philippines Domestic Remittance Market, 2016 2 Š Licensed product of Ken Research; should not be copied
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Philippines Remittance Market Outlook to 2021
3.5.2. Strengths and Weaknesses of Major Non-Bank Domestic Remittance Players 3.5.3. Service Positioning, Strategy and Key Performance Indicators 3.5.3.1. Palawan Pawnshop 3.5.3.2. Cebuana Lhuillier 3.5.3.3. LBC Express 3.5.3.4. Western Union 3.5.3.5. M Lhuillier 3.6. Philippines Bill Payment Market Size, 2011-2016 3.6.1. Philippines Domestic Bill Payment Market Segmentation, 2016 3.6.2. Market Share of Major Domestic Bill Payment Service Providers, 2016 Transaction Fees Comparison 3.7. Remittance Cost and Regulatory Changes (Domestic and International Remittance) Transaction Fees Decreasing Remittance Costs Regulations on Cost of Remittance Regulatory Acts and Laws 3.8. Rising Penetration of Mobile Money Transfers 3.8.1. Introduction 3.8.2. Mobile Money Transfer Mobile Money Transfer Platforms Benefits of Mobile Money Transfer 3.8.3. Near Field Communication (NFC) 3.8.4. Mobile POS 3.9. Barriers to Entry and Relative Comparison of Bank and Non-Bank Remittance Players (security and compliance issues) 3.10. Philippines Domestic Remittance and Bill Payment Future Projections and Outlook, 2015-2019 3.11. Analyst Recommendations Recommendations for Banks 4. Philippines International Remittance Market 4.1. Global and Philippines International Remittance Industry Introduction Overview – Global and Philippines Remittance Flows Remittance Inflow and Philippines Economy Players in International Remittance Market 4.2. Remittance Working Model 4.3. Products and Services in Bank and Non-Bank Channels Overview Special Banking Products and Services for OFWs Remittance Products from Thrift or Savings Banks 3 Š Licensed product of Ken Research; should not be copied
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Philippines Remittance Market Outlook to 2021
Unbanked Recipients Interlink Between Banks and Money Transfer Companies 4.4. Philippines International Remittance Market Size, 2011-2016 4.5. Philippines International Remittance Market Segmentation, 2011-2016 4.5.1. Major Flow Corridors, 2011-2016 4.5.2. Average Remittance Transaction per OFW on the Basis of Place of Work, 2013 - 2015 4.5.3. Average Remittance Transaction per OFW on the Basis of Major Occupation Group, 2013 - 2015 4.5.4. Average Remittance Transaction per OFW on the Basis of Mode of Remittance, 2013 - 2015 Agencies/ Local Offices, Banks, Door to Door, Friends/Co-Workers and others 4.5.5. Distribution of OFWs by Cash Remittance Sent, 2013 - 2015 4.6. Trends in Philippines International Remittance Market Stable Growth in Philippines Remittance Inflow Wherein Global Remittance Declined Seasonal Remittance Patterns Digital Trends in International Remittance Rate of Unbanked Population Adaptation of Latest Technologies 4.7. Competitive Landscape of Major Players in Philippines International Remittance 4.7.1. Market Share of Major Banks and Non-Bank Channels, 2016 4.7.2. Strengths and Weaknesses of Banks and Major Non-Bank International Remittance Players 4.7.3. Service Positioning, Pricing Strategy and Key Performance Indicators 4.7.3.1. Banco De Oro 4.7.3.2. The Bank Of The Philippine Islands 4.7.3.3. Philippine National Bank 4.7.3.4. Western Union 4.7.3.5. Metro Bank 4.7.3.6. MoneyGram 4.7.3.7. iRemit 4.7.3.8. WELLSFARGO 4.7.3.9. Xoom 4.8. Philippines International Remittance Market Future Outlook and Projections, 2017-2021 4.9. Cause and Effect Relationship in Philippines International Remittance Market 5. Macro Economic Factors Affecting Philippines Remittance Market 5.1. Gross Domestic Product of Philippines, 2011-2021 4 Š Licensed product of Ken Research; should not be copied
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Philippines Remittance Market Outlook to 2021
5.2. Population and Number of Households in Philippines, 2011-2021 5.3. Trade Scenario and Exchange Rate Fluctuations in Philippines, 2011-2016 5.4. Disposable Income per Household in Philippines, 2011-2021 5.5. Overseas Filipino Workers, 2010-2015 5.5.1. Number of Land-Based and Sea-Based OFWs, 2010-2015 5.5.2. Land-Based OFW Distribution Across Countries And By Occupation, 20102015 5.5.3. Demand For Money Transfer 5.6. Number of Bank Branches and ATMs in Philippines, 2011-2016 Disclaimer Contact Us
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Philippines Remittance Market Outlook to 2021
L IST OF F IGURES Figure 3-1: Philippines Domestic Remittance Market Size on the Basis of Transaction Volume in USD Million, 2011-2016 Figure 3-2: Philippines Domestic Remittance Market Segmentation on the Basis of Number of Transactions from Banking Channel and Non-Banking Channel in Percentage, 2016 Figure 3-3: Philippines Domestic Remittance Market Segmentation on the Basis of Types of Services Available along with their Contribution on the Basis of Number of Transactions in Percentage, 2012-2016 Figure 3-4: Migration Trend in the Philippines in 2010 and Estimates for 2012, 2014 and 2016 Figure 3-5: Number of Pawnshops in the Philippines, 2011-2016 Figure 3-6: Number of BPO Employees in the Philippines in Thousand, 2011-2016 Figure 3-7: Philippines Domestic Bill Payment Market Size on the Basis of Transaction Volume in USD Million and Number of Transactions in Million, 20112016 Figure 3-8: Philippines Bill Payment Market Segmentation by Types of Payment on the Basis of Number of Transactions in Percentage, 2016 Figure 3-9: Market Share of Bill Payments Service Providers in the Philippines on the Basis of Number of Transactions in Percentage, 2016 Figure 3-10: Process of Sending Domestic M-Remittances through Cash-in/Cash-out in the Philippines Figure 3-11: Process of Sending Domestic M-Remittances through Mobile Phones in the Philippines Figure 3-12: The Philippines Domestic Remittance and Bill Payment Future Projections on the Basis of Transaction Volume in USD Million, 2017-2021 Figure 4-1: Global Remittance Market Size on the Basis of Transaction Volume in USD Billion and the Contribution of the Philippines in Percentage, 2011-2016 Figure 4-2: Remittance Working Model Figure 4-3: Philippines International Remittance Market Size on the Basis of Transaction Volume in USD Million, 2011-2016 Figure 4-4: Philippines International Remittance Market Future Projections on the Basis of Transaction Volume in USD Million, 2017-2021 Figure 5-1: Gross Domestic Product of Philippines in USD Billion, 2011-2021 Figure 5-2: Population and Number of Households in the Philippines in Million, 2011-2021 Figure 5-3: Philippines Trade Scenario by Exports and Imports on the Basis of Value in USD Billion, 2011-2016 6 Š Licensed product of Ken Research; should not be copied
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Philippines Remittance Market Outlook to 2021
Figure 5-4: Exchange Rate of the Philippine Peso against US Dollar, 2011-2016 Figure 5-5: Disposable Income per Households in Philippines, 2011-2021 Figure 5-6: Number of Deployed Overseas Filipino Workers in Million, 2010-2015 Figure 5-7: Number of Bank Branches in Philippines, 2011-2016 Figure 5-8: Number of ATMs in Philippines, 2011-2016
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Philippines Remittance Market Outlook to 2021
L IST OF T ABLES Table 2-1: Correlation Matrix of Philippines Remittance and Bill Payments Market Table 2-2: Regression Coefficients Output for Philippines Remittance and Bill Payments Market Table 3-1: Rationale and Description for Philippines Domestic Remittance Market Size, 2011-2016 Table 3-2: Philippines Domestic Remittance Market Size on the Basis of Total Number of Transactions in Million, 2014-2016 Table 3-3: Rationale and Description for Philippines Remittance Market Segmentation by Major Remittance Channel, 2016 Table 3-4: Philippines Domestic Remittance Market Segmentation on the Basis of Number of Transactions from Banking Channel and Non-Banking Channel in Million, 2016 Table 3-5: Rationale and Description for Philippines Remittance Market Segmentation by Type of Services, 2012-2016 Table 3-6: Philippines Domestic Remittance Market Segmentation on the Basis of Types of Services Available along with their Contribution on the Basis of Number of Transactions in Million, 2012-2016 Table 3-7: Unemployment and Underemployment Rate in Different Region in the Philippines in Percentage, 2016 Table 3-8: Region Wise Urbanization Rate in the Philippines in Percentage for 2010, 2012, 2014 and 2016 Table 3-9: Number of Banked and Un-Banked Municipalities in Philippines, 20112016 Table 3-10: Number of Banked and Un-Banked Municipalities in Philippines on the Basis of Percentage, 2011-2016 Table 3-11: Major Festivals in the Philippines Table 3-12: Major Players in Philippines Domestic Remittance Market Table 3-13: Market Share and Transaction Volume of Major Players in the Philippines Domestic Remittance Market in Percentage and USD Million Respectively, 2016 Table 3-14: Strengths and Weaknesses of Major Non-Bank Players in the Philippines Domestic Remittance Market Table 3-15: Palawan Pawnshop’s Rates for Domestic Remittance in the Philippines, 2016 Table 3-16: Cebuana Lhuillier Rates for Domestic Remittance in the Philippines, 2016 Table 3-17: LBC Express’ Rates for Domestic Remittance (Same Day Delivery) in the Philippines, 2016
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Philippines Remittance Market Outlook to 2021
Table 3-18: LBC Express’ Rates for Domestic Remittance (Next Day Delivery) in the Philippines, 2016 Table 3-19: Western Union’s Rates for Domestic Remittance in the Philippines, 2016 Table 3-20: M Lhuillier Rates for Domestic Remittance in the Philippines, 2016 Table 3-21: Rationale and Description for Philippines Bill Payments Market Size, 2011-2016 Table 3-22: Domestic Bill Payment Market Size in the Philippines in USD Million, 2016 Table 3-23: Major Entities Involved in Philippines Bill Payments Market Table 3-24: Competitive Landscape of Smart Money Table 3-25: Competitive Landscape of Smart Money Table 3-26: Overview of Online and Mobile Payment Gateways and Payment Methods in the Philippine Bill Payments Market Table 3-27: Barriers to Entry and Relative Comparison of Bank and Non-Bank Remittance Players Table 3-28: Relative Comparison of Banking and Non-Banking Remittance Channels Table 3-29: Future Outlook for Philippines Domestic Remittance and Bill Payments Market on the Basis of Revenue, 2017-2021 Table 3-30: Analyst Recommendations for Money Transfer Companies and Pawnshops Table 3-31: Analyst Recommendations for Banks Table 4-1: Rationale and Description for Philippines International Remittance Market Size, 2011-2016 Table 4-2: Rationale and Description for Philippines International Remittance Market Segmentation by Major Flow Corridors, 2016 Table 4-3: Philippines International Remittance Market Segmentation by Inflows from Major Flow Corridors on the Basis of Transaction Volume in Percentage, 20112016 Table 4-4: Philippines International Remittance Market Segmentation on the basis of Inflows from Major Flow Corridors in USD Million, 2011-2016 Table 4-5: Average Stated Transaction Fee, Hidden Currency Conversion Cost and Total Fees Charged for Remittance of USD 1,000 for the US-Philippines Flow Corridor in USD, 2016 Table 4-6: Average Stated Transaction Fee, Hidden Currency Conversion Cost and Total Fees Charged for Remittance of GBP 1,000 (USD 1,355.9) for the UKPhilippines Flow Corridor in USD, 2016 Table 4-7: Average Stated Transaction Fee, Hidden Currency Conversion Cost and Total Fees Charged for Remittance of CAD 1,000 (USD 755.03) for the CanadaPhilippines Flow Corridor in USD, 2016
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Philippines Remittance Market Outlook to 2021
Table 4-8: Average Stated Transaction Fee, Hidden Currency Conversion Cost and Total Fees Charged for Remittance of EUR 1,000 (USD 1,106.8) for the Western Europe-Philippines Flow Corridor (Germany, France, Italy and Others) in USD, 2016 Table 4-9: Average Stated Transaction Fee, Hidden Currency Conversion Cost and Total Fees Charged for Remittance of AUD 1,000 (USD 743.7) for the AustraliaPhilippines Flow Corridor in USD, 2016 Table 4-10: Average Cash Remittance per Male and Female Overseas Filipino Worker on the Basis of Place of Work in PHP Thousands, 2013 - 2015 Table 4-11: Rationale and Description for Philippines International Remittance Market Segmentation – Average Remittance Transaction per OFW by Major Occupation Group, 2016 Table 4-12: Average Annual Cash Remittance per Male and Female Overseas Filipino Worker on the Basis of Major Occupation Group in PHP Thousands, 2013 2015 Table 4-13: Average Cash Remittance per Overseas Filipino Worker on the Basis of Mode of Remittance in PHP Thousands, 2013-2015 Table 4-14: Distribution of Overseas Filipino Workers by Amount of Cash Remittances Sent in Units and Percentage, 2013-2015 Table 4-15: Distribution of Overseas Filipino Workers by Amount of Cash Remittances Sent on the Basis of Percentage of Cash Remittance Set Aside for Savings, 2015 Table 4-16: Distribution of Overseas Filipino Workers by Amount of Cash Remittances Sent on the Basis of Percentage of Cash Remittance Set Aside for Savings, 2014 Table 4-17: Distribution of Overseas Filipino Workers by Amount of Cash Remittances Sent on the Basis of Percentage of Cash Remittance Set Aside for Savings, 2013 Table 4-18: Month-wise Overseas Filipino Remittances in the Philippines in USD Million, 2011 - 2016 Table 4-19: Major Players in Philippines International Remittance Market Table 4-20: Market Share and Transaction Volume of Major Players in the Philippines International Remittance Market in Percentage and USD Million Respectively, 2016 Table 4-21: LBC Express International Remittance Transaction Volume in USD Million, 2011-2016 Table 4-22: Strengths and Weaknesses of Banks and Major Non-Bank International Remittance Companies Table 4-23: Future Outlook for Philippines International Remittance Market on the Basis of Transaction Value, 2017-2021
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Philippines Remittance Market Outlook to 2021
Table 4-24: Cause and Effect Relationship Analysis between Industry Factors and Expected Industry Prospects of the Philippines International Remittance Market Table 5-1: Rationale for Gross Domestic Product of Philippines, 2011 - 2021 Table 5-2: Rationale for Population and Number of Households in Philippines, 2011 2021 Table 5-3: Rationale for Trade Scenario and Exchange Rate Fluctuations in Philippines, 2011 - 2021 Table 5-4: Rationale for Disposable Income per Household in Philippines, 2011 2021 Table 5-5: Philippines Household Final Consumption Expenditure at Constant Prices in USD Million, 2011-2016 Table 5-6: Rationale for Number of Land-based and Sea-based OFWs in Philippines, 2010 - 2015 Table 5-7: Number of Land based and Sea based OFWs from Philippines, 2010-2015 Table 5-8: Rationale for Number of Land-based and Sea-based OFWs in Philippines, 2010 - 2015 Table 5-9: Deployed Land-Based Overseas Filipino Workers on the Basis of Country of Residence, 2010-2015 Table 5-10: Rationale for Number of Bank Branches and ATMs in Philippines, 2011 2016
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Philippines Remittance Market Outlook to 2021
Philippines Domestic and International Money Transfer Industry Outlook to 2021 –Ken Research
Ken Research latest Report on
“Philippines Domestic and International Money
Transfer Industry Outlook to 2021 – Growing Number of Overseas Filipino Workers and Technological Advancements to Aid Market Growth” provides a comprehensive
analysis of remittance and bill payments market in Philippines. The report covers market size, segmentation on the basis of remittance corridor, mode of remittance, major occupation group and distribution of OFWs by cash remittance sent for international remittance market. For domestic remittance market it covers market size, segmentation on the basis of remittance channel, type of services and major flow corridors. It also includes the bill payments market in the country covering the market size and segmentation by type of bills. The report also covers government regulations in the market, competitive landscape and company profiles for major players in the remittance and bill payments market. The report provides detailed overview on future outlook & projections with analyst recommendations for the industry. The report facilitate the readers with the identification and in-depth analysis of the existing and future trends, issues and challenges prevalent in the industry and anticipated growth in the future depending upon changing industry dynamics in coming years. 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. Industry Overview Philippines remittance market is led by the international remittances and domestic remittances which are represented by the OFW remittance inflow, the domestic remittances. During 2011-2016, the international and domestic remittance markets have showcased a remarkable growth at a CAGR of ~%. Market growth can be attributed to factors like increasing number of OFWs, growing infrastructure and developmental activities, rising business sectors and increasing job opportunities within the country, surging BPO sector and other related factors. Similarly, there had been a tremendous growth in the Philippines bill payments market displaying a CAGR of ~% during 2011-2016. The amplification exhibited by the market should be owed to rising utility bills due to the rising consumption of energy, water, mobile phones, internet facilities and other utilities. Market Segmentation International Remittance Market 12 © Licensed product of Ken Research; should not be copied
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Philippines Remittance Market Outlook to 2021
The US accounted for ~% of the total remittances sent to the Philippines in 2016. From USD ~ million in 2011, remittances sent by Filipinos in the US have grown at a CAGR of ~%. With a percentage contribution of ~% in 2016, Saudi Arabia was ranked as the second largest remittance source for Philippines. Remittance from Saudi Arabia registered a total value of USD ~ million in 2011 and expanded to USD ~ million in 2016. USA and Saudi Arabia were followed by UAE, UK, Japan, Hong Kong and others. On the basis of occupation the highest average remittance transaction per OFW was observed from the government officials followed by professionals and other workers during 2015. The average remittance transaction per OFW has been observed to be the highest through banks followed by agencies, door to door services and others during 2015. Domestic Remittance and Bill Payments Market The non-bank channel, comprising of money transfer companies and pawnshops operating in the Philippines have dominated the market accounting for a share of ~% of the total number of domestic money remittance transactions in 2016. Banks held a meager share of ~% in the overall market. Branch pick up service held the highest share in the market in terms of number of transactions during 2016 holding a share of ~%, followed by door to door, prepaid cards, online and direct credit to account services. Utilities comprised of the major share in the total number of bill payments in the Philippines in 2016. Bills paid for electricity services contributed around ~%, the highest, to the total payments of utilities, followed by transactions for water and gas bills, mobile and internet bills. Future Potential The Philippines remittance and bill payments market has witnessed a considerable growth in past five years and the market is anticipated to grow at a CAGR of ~% during the forecast period, 2017-2021. A noticeable amount of FDI inflows was invested in BPO, electronics and energy sector. With the continual growth in FDI flows in the BPO sector, there are expected to be more employment opportunities leading to large scale migrations to urban cities. The continued zeal of domestic Filipinos to send money to their families will provide a major thrust to the domestic remittance market. Rapid growth in the introduction and use mobile technologies in the country for money transfer and bill payments are also a factor that depicts the growth of domestic remittance and bill payments market of the Philippines. International remittance market in the Philippines will continue to be driven by the increasing deployment of Filipinos in other countries. Unskilled workers and
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Philippines Remittance Market Outlook to 2021
laborers will uphold their status as the largest deployed fraction of overseas workers and will continue to account for the largest share of aggregate remittances.
Competitive Landscape 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. These formal payment channels, which include banks, money transfer companies and pawnshops, serve a significant proportion of the Philippine population. Major Players in the market include Palawan Pawnshop, Cebuana Lhuillier, LBC Express, Western Union, M Lhuillier and others. In 2016, banks absorbed ~% of the total remittances, indicating Filipinos’ mounting faith on this channel instead of sending money back home by means of friends or relatives. Remittances transferred through banks such as Banco De Oro, The Bank of the Philippine Islands, Philippine National Bank, Metro Bank have showcased an inclining participation over the last five years. On the other hand, money transfer companies such as I-Remit, LBC Express, Western Union, Xoom and MoneyGram were also important remittance channels for OFWs in the Philippines, recording a contribution of ~% to the total international remittance transaction volume in 2016. Key Topics Covered in the Report:
Overview of Philippines Domestic Remittance Market Philippines Domestic Remittance Market Size Philippines Domestic Remittance Market Segmentation Growth Drivers of Philippines Domestic Remittance Market Competitive Landscape of Major Players in Philippines Domestic and International Remittance Market Philippines Bill Payments Market Size Philippines Bill Payments Market Segmentation Rising Penetration of Mobile Money Transfers Philippines Domestic Remittance and Bill Payments Market Future Outlook Philippines International Remittance Market Overview Philippines International Remittance Market Size Philippines International Remittance Market Segmentation Trends in Philippines International Remittance Market 14 © Licensed product of Ken Research; should not be copied
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Philippines Remittance Market Outlook to 2021
Philippines International Remittance Market Future Outlook Macroeconomic Factors affecting Philippines Remittance and Bill Payments Market Overseas Filipino Remittance Philippines, Bitcoin Wallet Philippines Remittance, Remittance Flow Philippines, Money Remittance Business Philippines, Money Transfer Philippines, Pawnshops Remittance Volume, Online Remittance Philippines, Online Bill Payment Philippines, Remittance Growth Philippines, Migration in Philippines, Competition Remittance Market, Bill Payment mode Philippines, Money Transfer Operator Remittance Philippines, International Remittance Philippines, Inbound remittance Philippines, Outbound remittance Philippines, Philippines banks remittance volume, Philippines migration and remittance,
To know more about the publication, click on the link below https://www.kenresearch.com/banking-financial-services-and-insurance/financialservices/philippines-money-transfer-remittance-market-report/121464-93.html Related Reports by Ken Research UAE Remittance and Bill Payments Market Outlook to 2021 - Rising Expatriate Population, Growing Business Activities and Increasing Demand for Utilities to Foster Growth India Bills Payment Market Outlook to 2020 - Rising Internet Penetration and Advent of Mobile Wallet to Shape Future Growth Philippines Pawnshop Market Outlook to 2020 - Convenience with Pawning and Remittance Services to Stimulate Growth Contact Us: Ken Research Ankur Gupta, Head Marketing & Communications Ankur@kenresearch.com +91-9015378249
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Philippines Remittance Market Outlook to 2021
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