Philippines Remittance Market

Philippines Remittance Market Size, Share, Growth Analysis, By Mode of Transfer(Digital, Traditional (Non-digital)), By Type(Inward Remittance, Outward Remittance), By Channel(Banks, Money Transfer Operators, Online Platforms (Wallets)), By End-use(Migrant Labor Workforce, Personal, Small Businesses, Others), By Region(North America, Latin America, Asia Pacific, MEA) - Industry Forecast 2024-2031


Report ID: UCMIR40D2028 | Region: Regional | Published Date: Upcoming |
Pages: 165 | Tables: 55 | Figures: 60

Philippines Remittance Market Insights

Market Overview:

In 2021, the remittance market in the Philippines recorded a valuation of USD 0.63 billion. This market represents the transfer of funds from overseas Filipino workers to their families and loved ones in the Philippines. Factors such as the large diaspora of Filipino workers, the reliance on remittances for household income, and the growth of digital remittance platforms contribute to the size and significance of the remittance market in the Philippines.

Philippines Remittance Market, Forecast & Y-O-Y Growth Rate, 2020 - 2028
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This report is being written to illustrate the market opportunity by region and by segments, indicating opportunity areas for the vendors to tap upon. To estimate the opportunity, it was very important to understand the current market scenario and the way it will grow in future.

Production and consumption patterns are being carefully compared to forecast the market. Other factors considered to forecast the market are the growth of the adjacent market, revenue growth of the key market vendors, scenario-based analysis, and market segment growth.

The market size was determined by estimating the market through a top-down and bottom-up approach, which was further validated with industry interviews. Considering the nature of the market we derived the Other Diversified Financial Services by segment aggregation, the contribution of the Other Diversified Financial Services in Diversified Financials and vendor share.

To determine the growth of the market factors such as drivers, trends, restraints, and opportunities were identified, and the impact of these factors was analyzed to determine the market growth. To understand the market growth in detail, we have analyzed the year-on-year growth of the market. Also, historic growth rates were compared to determine growth patterns.

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FAQs

The market for Philippines Remittance was estimated to be valued at US$ XX Mn in 2021.

The Philippines Remittance Market is estimated to grow at a CAGR of XX% by 2028.

The Philippines Remittance Market is segmented on the basis of Mode of Transfer, Type, Channel, End-use, Region.

Based on region, the Philippines Remittance Market is segmented into North America, Europe, Asia Pacific, Middle East & Africa and Latin America.

The key players operating in the Philippines Remittance Market are PayPal Holdings, Inc., Worldremit Group Limited, Union Bank of the Philippines, The Western Union Company, MoneyGram International, Inc., Cebuana Lhuillier, LBC Express Holdings, MLhuillier, Palawan Pawnshop, RD Pawnshop.

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Philippines Remittance Market

Report ID: UCMIR40D2028

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