Philippines Remittance Market Forecast: Strategic Partnerships and Digital Innovations Propel Growth – Forecasts to 2028
Philippine International Remittance Market
Dublin, Jan. 15, 2024 (GLOBE NEWSWIRE) — The “Philippines International Remittance Market Business and Investment Opportunities – Analysis by Transaction Value & Volume, Inbound and Outbound Transfers to and from Key States, Consumer Demographics – Q2 2023” report has been added to ResearchAndMarkets.com’s offering.
Business and Investment Opportunities in the Philippines International Remittance Market have been meticulously analyzed, detailing widespread trends in transaction value and volume, both inbound and outbound, across key states and demographics. The report underscores significant growth within the remittance sector, pinpointing the innovative and strategic endeavors that are shaping the market’s trajectory.
With an inbound market size poised to expand from US$ 37.28 billion in 2022 to US$ 41.47 billion by 2028, the inbound remittance landscape sees a steady CAGR of 1.7%. Conversely, the robust surge in outbound remittances is notable, with an expected CAGR of 10.6% over the same forecast period, rising from US$ 164.3 million in 2022 to US$ 311.8 million by 2028.
Stimulating Market Growth and Collaborative Endeavors
- The international remittance market in the Philippines is not without its notable partnerships aimed to enrich the remittance process and decrease transaction costs, expanding operational ease and accessibility.
- Strategic collaborations are becoming increasingly common, with fintech endeavors such as Circle’s tie-up with Coins.ph and Netbank’s partnerships with various international remittance firms, including TransferGo in the UK.
- Emerging powerhouse startups like TANGGapp, joining forces with key investors, are enhancing their platforms to streamline the remittance experience for the millions of Filipinos overseas, indicating a market shift towards digital-first solutions.
Innovation Driving Global Expansion
Stalwart startups are eyeing global expansion strategically to leverage the burgeoning market potential. For instance, BayaniPay’s increase in the average transaction value and user growth, coupled with expansion into new markets such as Canada, suggests a promising impact on the industry in the forthcoming quarters.
Unveiling the Market’s Future
The intricate analysis provides a sweeping overview of the transactional dynamics across various channels, from digital and mobile to non-digital pathways. It presents a nuanced consumer profile assessment, inclusive of age, income, occupation, and remittance purposes. Furthermore, an insightful flow analysis underscoring the remittance market opportunity augmented by key sending countries solidifies the report as a pivotal reference for navigating this sector.
In summary, the remittance market in the Philippines is experiencing a transformative phase bolstered by digital innovation and strategic expansions. The report offers businesses and investors comprehensive data and analysis, enabling them to identify emerging opportunities and adopt strategic decisions to harness the market’s potential effectively.
For a comprehensive view and strategic insights into the Philippines’ flourishing remittance landscape, professionals operating within or entering this market will find unparalleled value in the extensive data compiled and presented in this report.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 130 |
| Forecast Period | 2023 – 2028 |
| Estimated Market Value (USD) in 2023 | $38 Billion |
| Forecasted Market Value (USD) by 2028 | $41.5 Billion |
| Compound Annual Growth Rate | 1.7% |
| Regions Covered | Philippines |
For more information about this report visit https://www.researchandmarkets.com/r/7udytr
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