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:
Key Questions Answered
Table of Content
1. Digital Philippines – Key Facts
2. Philippines Remittance Market-Key Facts
3. Philippines GDP Performance Timeline
4. Research Methodology
4.1. Objective of the Study
4.2. Research Process
5. Country Profile- EPTD Analysis
5.1. EPTD Analysis
5.2. EPTD Analysis - Economy Overview
5.3. Economic Growth Forecast
5.4. EPTD Analysis - Political Overview
5.5. EPTD Analysis - Technological & Demographic Overview
5.6. EPTD Analysis - Demographic Overview
6. COVID-19 & Impact
6.1. COVID-19 Spread in Philippines
6.2. Number of Cumulative Cases of Coronavirus (COVID-19) in Philippine
6.3. Philippines Economy Performance and Impact of COVID-19
6.4. Comparative Analysis of Trade – Pre-COVID-19 & Post COVID-19
7. Philippines Money Remittance Market
7.1. Philippines Money Remittance Market – An Overview
8. Philippines Money Remittances- Market Segmentation
8.1. Money Remittance Market Segmentation–By Services (Domestic/International)
8.2. Philippines Inward and Outward Remittance Market
9. Philippines Domestic Remittance Market
9.1. Domestic Remittance Market Analysis
9.2. Domestic Remittance Market Working Model
9.3. Domestic Remittance Market–Segmentation
10. Philippines International Remittance Market
10.1. International Remittance Market–Working Model
10.2. Philippine Payments and Settlements System–Working Model
10.3. Global Ranking of Top Remittance Recipient Nations
10.4. International Remittance Market Analysis–Land-Based v/s Sea-Based
10.5. International Remittance Market Analysis–Overseas Filipino Workers
10.6. International Remittance Market Analysis–By Value of Transactions
10.7. Philippines Remittance Market - Impact of COVID-19
10.8. International Remittance Market–Segmentation
10.9. International Remittance Market Segmentation–By Remittance Channel
10.10. International Remittance Market Future Outlook–Performance Post COVID-19
10.11. International Remittance Market Future Outlook–By Value of Transactions
10.12. International Remittance Market Future Outlook–By Scenario Analysis
11. International Remittance Market– Competitive Landscape
11.1. International Remittance Market–Competition Matrix
11.2. International Remittance Market–BDO Unibank, Inc
11.3. International Remittance Market–Bank of the Philippine Islands
11.4. International Remittance Market–Metro Bank
11.5. International Remittance Market–Philippine National Bank
11.6. International Remittance Market–Western Union
11.7. International Remittance Market–I-Remit, Inc
11.8. International Remittance Market–MoneyGram International
11.9. International Remittance Market–Wells Fargo & Company
11.10. International Remittance Market–LBC Express Inc
12. Micro Industry Dynamics
12.1. Philippines Remittance Market-Growth Enablers
12.2. Philippines Remittance Market-Retardants
12.3. Philippines Remittance Market- Opportunities
13. Macro Industry Dynamics
13.1. Macro Economic Factors
13.2. Regulatory Initiatives