Press release
Philippines Remittance Market Report: A Dynamic Landscape of Overseas Contributions, Student Mobility, and Digital Transformation
According to Makreo Research analysis, the Philippines stands as the world's fourth-largest remittance market, trailing only India, China, and Mexico, as reported by the World Bank. In 2020, personal remittances from overseas Filipinos played a pivotal role, constituting a substantial 9.6% of the nation's GDP. Throughout 2022, remittances experienced a boost due to several factors. Strong oil prices in Gulf Cooperation Council (GCC) countries contributed to increased incomes for migrants. Additionally, large money transfers from the Russian Federation to countries in Central Asia and the robust labor market in the United States and other advanced migrant destination economies played key roles.Nearly half (48%) of total remittances to East Asia and the Pacific Islands (excluding China) find their destination in the Philippines. In 2022, the growth in remittances was fueled by the lifting of the emigration ban to Saudi Arabia, addressing worker abuse issues, and specific agreements facilitated by the Filipino government, particularly in emerging OECD destinations.
From 2018 to 2019, Overseas Filipino Worker (OFW) cash remittances experienced a commendable year-on-year growth of approximately 4%. Notably, OFWs employed in elementary occupations were the primary contributors, sending remittances amounting to roughly 42.81 billion Philippine pesos in 2019. Overall, cash remittances reached an unprecedented high of USD 33.5 billion in 2019, up from the USD 32.24 billion registered in 2018. The strong inflows were primarily from the U.S., constituting over a third of all remittances, followed by contributions from Saudi Arabia, Singapore, and Japan.
Globally, a rising number of individuals seek better opportunities beyond their home countries. The Filipino diaspora includes 10 million living abroad, with over 1 million leaving the country annually for work. Remittances to the Philippines from around the world continue to witness an upward trajectory.
The outward remittance market is expanding, driven by accessible educational loans for higher studies. Initiatives such as the Unified Student Financial Assistance System for Tertiary Education (UniFAST) offer educational subsidies and various student loan programs to Filipino students. This has led to a significant migration of students for higher education to other countries, particularly notable is the substantial flow of Filipino students to Canada. As of 2022, an estimated 62,000 Filipino students are studying abroad, further contributing to the growth of outward remittances.
► Top Destinations for Filipino Students
Canada, Australia, and the United States currently stand as the top three destinations for Filipino students seeking educational opportunities abroad. The pursuit of quality education has led a significant number of students from the Philippines to these countries, marking a notable trend in the global mobility of Filipino scholars.
► Traditional Remittance Channels and Unbanked Challenges in Asia Pacific
An intriguing aspect of the remittance landscape is the prevalence of traditional methods, particularly in countries with a significant unbanked population. Notably, three nations in the Asia Pacific (APAC) region-Vietnam, the Philippines, and Indonesia-stand among the top ten most unbanked countries globally, as reported by British research platform Merchant Machine.
In this context, Vietnam secures the second position on the list, with a staggering 69% of its total population lacking access to traditional banking services. The Philippines follows closely, ranking fourth with 66%, while Indonesia holds the ninth spot with 51%. The reliance on traditional remittance methods in these nations can be attributed to the prevailing unbanked status, highlighting the challenges faced by a significant portion of the population in accessing formal financial services.
► Cash Dominance in the Philippines and Traditional Money Transfer Services
In the Philippines, the adage "cash is king" resonates strongly, influencing the remittance preferences of Overseas Filipino Workers (OFWs). A substantial majority of OFWs opt for traditional money transfer services, facilitating the transfer of funds through over-the-counter transactions at brick-and-mortar pick-up locations. These physical locations include pawnshops and local branches of remittance companies, providing a tangible and accessible means for families to receive remittances.
► Digitalization Reshaping the Remittance Landscape
The remittance industry is undergoing a transformative phase driven by digitalization, propelled by advancements in fintech and internet technologies. Regions with robust infrastructure witness higher penetration and financial inclusion through digital remittance platforms. Conversely, the challenges to digitalization include a lack of infrastructure and awareness, hindering its widespread adoption.
The digital remittance sector is poised for significant growth, with an anticipated Compound Annual Growth Rate (CAGR) of 23.8% by 2025. This projection reflects the increasing acceptance and integration of digital platforms, presenting a paradigm shift in the way remittances are processed and received. Factors contributing to this growth include technological advancements, increased accessibility, and a changing financial landscape.
In summary, the intersection of Filipino student migration trends and the evolving remittance landscape reveals a dynamic narrative influenced by traditional practices, socio-economic realities, and the transformative potential of digitalization in the financial sector.
► Key Questions Answered
Exploring Essential Inquiries
1. What is the historical performance of the Philippine economy, and what growth prospects are anticipated for the future?
2. What was the past growth rate of revenue in the Philippines Money Remittance market, and what is the current state of the industry?
3. What were the primary driving factors that propelled the Philippines Money Remittance industry forward in the past?
4. What is the projected future of the Philippines Money Remittance market?
5. What is the distribution between digital and non-digital payment methods in the Philippines Remittance Market?
6. Which countries are the top recipients of remittances from the Philippines?
7. Who are the Tier 1 Players in the Philippines Remittance Market?
8. Among pawnshops in the Philippines, who are the key players?
9. What are the key business highlights of these players?
10. What major mergers and acquisitions have taken place in the past within the Philippines Remittance Market?
11. What is the market share held by the key players in the Philippines Remittance Market?
► Scope of the Study
Makreo Research has recently released a study on the Philippines Remittance market titled, "Philippines Remittance Market Size and Forecast (2018-2028) - Share and Growth Analysis By Mode of Transfer (Digital and Traditional), By Type (Inward Remittance, Outward Remittance), By Channel (Banks, Money Transfer Operators)." This comprehensive study delves into the inward and outward flow of the Philippines Money Remittance market, providing a detailed assessment of historical and current market trends.
The report adopts a holistic approach, enhancing the overall analysis and rendering it a valuable resource for individuals or organizations interested in exploring the Domestic & International Remittance Market. It covers aspects of both Digital & Non-Digital Channels and examines the Inflow & Outflow by countries.
Particular attention is given to key companies operating within the Remittance Market, with a focus on prominent entities such as BDO Bank of the Philippines, Bank of the Philippines Islands, and Metro Bank. These companies represent a diverse array of players within the market. The report meticulously evaluates various aspects related to these companies and the industry as a whole, encompassing M&A, Funding, and detailed Company profiles.
A noteworthy feature of the report is its balanced mix of macroeconomic and microeconomic analysis, providing both qualitative and quantitative insights. This comprehensive approach ensures a thorough understanding of the dynamics shaping the Philippines remittance market.
► Period of Study
■ 2018-2022 : Past and Present Scenario
■ 2022: Base Year
■ 2023-2028 : Future Outlook of the industry
► Market Assessment: The report examines the Philippines Money Remittance Market in terms of market revenue and further breakdown into market
► Segmentation:
■ By Type (Domestic Remittance & International Remittance)
■ By Flow Type (Inward & Outward Flow)
■ By Payment Method (Traditional & Digital)
■ By Channel (Banks, Money transfer Operator, Online Platform, Others)
■ By Countries (United States, China, Japan, India, Singapore, Others)
■ By End Users (Migrant Labour Force, Personal, Small Businesses, Others)
► Companies Covered
■ Banco de Oro Universal Bank (BDO Unibank)
■ Bank of the Philippine Islands (BPI)
■ Metro Bank
■ Western Union
■ Luzon Brokerage Company (LBC Express)
■ Cebuana Lhuillier Pawnshop
■ Palawan Pawnshop
■ Villarica Pawnshop, Inc.
■ Tambunting Pawshop
■ Raquel Pawnshop
To Know More
Philippines Remittance Market Size and Forecast (2018-2028)
https://www.makreo.com/report/philippines-remittance-market-size-and-forecast-2018-2028
Related Reports:
Global Money Remittance Market Analysis and Forecast (2016-2027)
https://www.makreo.com/report/global-money-remittance-market-report-forecast-2022-2027
Makreo Research and Consulting
801, Trishul Goldmine, Palm Beach, Sector 15, Belapur, Navi Mumbai, Maharashtra 400614
Contact us at:
Meetu Bhasin, Director of Research and Operations
Phone Number
+91-9619699069
Email Address
info@makreo.com
Makreo Research, a dynamic full-service research and consulting firm located in Navi Mumbai, is dedicated to reshaping the research landscape and delivering comprehensive solutions to intricate business challenges.
Our mission is to streamline the ever-changing economic landscape and intricate market dynamics, leveraging brilliant minds and cutting-edge technology to make a substantial difference in the realm of business and decision-making.
Key Services:
1. Syndicated Research
2. Customised Research and Consulting
3. Market Surveys
This release was published on openPR.
Permanent link to this press release:
Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Philippines Remittance Market Report: A Dynamic Landscape of Overseas Contributions, Student Mobility, and Digital Transformation here
News-ID: 3305175 • Views: …
More Releases from Makreo Research And Consulting

Global Food Packaging Market Poised to Surpass USD 460 Billion by 2030 Amid Surg …
The global food trade landscape has undergone seismic shifts, with trade values soaring by 350% between 2000 and 2021 to USD 1.7 trillion, driven by evolving production, consumption patterns, and geopolitical policies. In 2022, the global food import bill surged to a historic USD 1.94 trillion, fueled by rising prices and supply chain complexities. Amid this growth, the Global Food Packaging Market has emerged as a linchpin for ensuring food…

Vietnam Auto Finance Market to Reach USD 12.82 Billion by 2030, Driven by Econom …
The Vietnam auto finance market, a vital component of the nation's financial ecosystem, has faced notable volatility in recent years. In 2023, the market experienced a sharp decline as the automotive sector struggled. Vehicle sales dropped by -25.37%, while motorcycle and scooter sales fell by -16.21%. High bank interest rates and economic difficulties in the real estate and securities markets played a significant role in this downturn.
Despite these challenges, the…
India's Warehousing Market Poised for Remarkable Growth with 30 Million Sq. Ft. …
The demand for warehousing space in Asia has been on a steady upward trajectory, fueled by key factors such as the e-commerce surge, supply chain diversification, rapid urbanization, population growth, infrastructure enhancements, and cutting-edge technological innovations. Leading markets, including China, India, Japan, and Southeast Asia (spanning Singapore, Vietnam, and Malaysia), are experiencing unprecedented growth in warehousing demand, supported by these transformative trends.
► Asia-Pacific Logistics Rentals on the Rise:
Makreo Research reports…

What's Driving the Global Sustainable Packaging Market Projected to 7.73% CAGR b …
According to Makreo Research, the Global Sustainable Packaging Market is witnessing robust growth, fueled by the escalating demand for eco-friendly packaging solutions. In 2023, the market recorded a remarkable year-on-year growth rate of 7.91%. Over the period from 2019 to 2023, the market maintained a compound annual growth rate (CAGR) of 6.52%. This surge reflects a global shift toward sustainability as businesses and consumers respond to mounting environmental concerns.
The COVID-19…
More Releases for Philippine
New Era in Consumer Lending Market is growing in Huge Demand in 2020 | Philippin …
The Consumer Lending Market is expected to reach +19% CAGR during forecast period 2020-2026.
Consumer lending provides financing for personal, family, or household purposes. The loans can come from a variety of places, including financial institutions or lending platforms, like the aforementioned Prosper and Lending Club. Increase in government initiative toward Consumer lending, and surge in need of reduced loan management time among borrowers and lenders have boosted the growth of…
Philippine Defense Market Giants Spending Is Going To Boom
HTF Market Intelligence released a new research report of 103 pages on title 'Philippine Defense Market - Attractiveness, Competitive Landscape and Forecasts to 2024' with detailed analysis, forecast and strategies. The study covers key regions and important players such as Raytheon, United Defense Manufacturing Corporation, Leonardo, Remington Arms Company, ELTA Systems Ltd.
Request a sample report @ https://www.htfmarketreport.com/sample-report/2412708-philippine-defense-market
Summary
Philippine Defense Market - Attractiveness, Competitive Landscape and Forecasts to 2024 ,…
Global Consumer Lending Market is Booming Across the Globe Explored in Latest Re …
The Consumer Lending Market is expected to reach +19% CAGR during forecast period 2020-2026.
Consumer lending provides financing for personal, family, or household purposes. The loans can come from a variety of places, including financial institutions or lending platforms, like the aforementioned Prosper and Lending Club. Increase in government initiative toward Consumer lending, and surge in need of reduced loan management time among borrowers and lenders have boosted the growth of…
SOFITEL PHILIPPINE PLAZA MANILA WINS MULTIPLE AWARDS IN THE 2018 PHILIPPINE CULI …
Sofitel Philippine Plaza Manila won several awards spanning various categories in the recently concluded Philippine Culinary Cup 2018 (PCC). Held at the SMX Convention Center last August 1 – 4, 2018, Sofitel Philippine Plaza Manila’s master chefs secured multiple awards in the PCC’s Professional Division.
Led by Executive Chef Nicholas Shadbolt and under the instruction of team leaders Chinese Chef Michale Tai and Sous Chef Regine Lee, the Sofitel culinary…
Reasons for Wide Application of Crusher Hammer in Philippine
DSMAC crusher hammer have a wide application in Philippine in last year. There were several customers who consulted on DSMAC crusher hammer. What’s the reasons for the wide application of crusher hammer in Philippine?
The crusher hammer needed includes many models, such as stone crusher hammer, clinker crusher hammer, and so on. In these products, the high chrome crusher hammer is proved to have stronger wear resistance than those use tradition…
Sourcing Destination Snapshot: The Emerging Philippine Value Proposition
“The Philippines offers many opportunities as an offshore sourcing destination as well as being well positioned as a regional hub for Asia Pacific.” - Ralph Schonenbach (CEO, Trestle Group)
In designing sourcing models, IT and BPO decision-makers literally have a “world” to choose from when it comes to competitive country locations. The unique needs of a business will clearly drive managers to seek out sites capable of satisfying a range…