What is the Philippines remittance market growth?

The Philippines remittance market is expected to grow at a compound annual growth rate of 13.3% from 2022 to 2030 to reach USD 1.84 billion by 2030.

Which segment accounted for the largest Philippines remittance market share?

The traditional (non-digital) segment dominated the market in 2021 and accounted for a revenue share of more than 61.80%. The growth of the traditional (non-digital) segment can be attributed to the ease in the transfer of money by just depositing cash or paying with debit cards and other payment methods while sending the remittance

How big is the Philippines remittance market?

The Philippines remittance market size was estimated at USD 0.63 billion in 2021 and is expected to reach USD 0.68 billion in 2022.

Who are the key players in Philippines remittance market?

Some key players operating in the Philippines remittance market include 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

What are the factors driving the Philippines remittance market?

Key factors that are driving the market growth include the increasing remittances on account of migration activities and partnerships between companies boosting remittance services