Philippines Money Remittance Market Analysis and Forecast to 2027 - COVID-19 Impact Assessment

Overview

Executive Summary
Market Facts
In 2019, personal remittances, which boost household income and consumption, accounted for 9.3% and 7.8% of gross domestic product (GDP) and gross national income (GNI), respectively. Over a third of remittances to the Philippines come from the US followed by Saudi Arabia, Singapore, Japan, United Arab Emirates, the United Kingdom, Canada, Germany, Hong Kong and Kuwait.

Due to consistent growth in overseas Filipino workers and rise in penetration of banks & mobile money is becoming major trend behind the growth of Philippines international inward remittances.

In 2020, owing to COVID-19, both land-based and sea-based OFWs are among the hardest hit by this tide of unemployment. more than 320,000 OFWs lost their jobs from February to May, this number is estimated to exceed 1 million by the end of 2021. 

Scope of the Study
The report published by Makreo Research & Consulting titled " Philippines Money Remittance Market & Outlook to 2027 COVID-19 Impact Assessment" gives a detailed analysis of remittance market performance in Philippines including past performance, present scenario and future outlook. The report cover all major aspects including country assessment that has been discussed to understand economy of the country, political situation, technological developments and demographic distribution of the country; rules and regulations present in the sector; micro level assessment that cover major drivers, market restraints and opportunities present in the money remittance market in Philippines.

Market assessment has been carried out by segmenting the market in two categories including Services (domestic/international) and inward vs outward remittances. We have studied the market by further segmentation of international remittance market by remittance channel, land vs sea-based workers and by source of remittance. 

Future assessment has been carried out with the help of Scenario Analysis wherein we have studied all three scenarios best scenario, moderate case scenario and worst case scenario.

Major Players Discussed in the Report: 

• BDO Unibank Inc
• Bank of the Philippine Islands
• Metro Bank
• Philippine National Bank
• Western Union
• I-Remit Inc
• MoneyGram International
• Wells Fargo & Company
• LBC Express Inc
   

Key Questions Answered

• What is the current market condition of the country and performance of economy?
• To evaluate economic, political, technological and demographic factors to establish relation with remittances sector.
• To evaluate the present market scenario of Money Remittance Market which involves both Domestic and International Remittance in terms of revenue and assess future expected performance.
• To assess the impact of covid-19 over Philippines money remittance market.
• Remittance market has been studied over different parameters including inward and outward remittance, mode of transactions, overseas Filipino workers and others.
• To gauge the performance of key industry players and their financial growth.
• To comprehend the major industry drivers, challenges and macro economic factors.