Dublin, April 16, 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 - Q1 2024" report has been added to ResearchAndMarkets.com's offering.
The Philippines, a key player in the global remittance landscape, has witnessed notable growth in the international inbound remittance market. Recent analysis indicates a steady 2.5% increase in 2023, culminating in a significant transaction value of US$39.83 billion in 2024. Projections are optimistic, with a compounded annual growth rate (CAGR) of 1.6% from 2024 to 2028, suggesting a rise to US$42.47 billion. The outbound remittance sector follows a robust trajectory, with a remarkable 17.7% growth in 2023, reaching US$254.6 million in 2024. Anticipated trends suggest an impressive CAGR of 9.4% over the next four years, potentially achieving US$365.2 million by 2028.
The analysis encompasses an array of market dimensions, addressing transaction value and volume, alongside average value per transaction. A granular view of market share dynamics offers insights into the strategic positioning of key players within the Philippine market. Further intelligence is gathered through an exploration of various remittance channels. The digital, mobile, and non-digital modalities are dissected to provide a comprehensive understanding of market mechanics. The consumer demographic analysis contributes additional depth, detailing sender profiles across age, income, and occupation and aligning these with the intended purpose and beneficiaries of the remittances.
International Transactions Analysis
The intricate transfer flows between countries and the Philippines are mapped, highlighting key sending countries and preferred channels. Regional nuances are brought to the forefront, paving the way for refined and tactical market engagements. Focus on the outbound remittance market is equally thorough, with a similar breakdown of transactional and demographic variables applied to outflows from the Philippine market to an international audience. The interplay of these dynamics provides a kaleidoscope of opportunities for various stakeholders.
Strategic Implications for Stakeholders
These insights present an invaluable resource for businesses, investors, and financial institutions involved in the remittance ecosystem. A data-centric approach not only facilitates the identification of new market opportunities but also underscores the associated risks. Consequently, the capacity for strategic planning and informed decision-making is considerably enhanced, allowing for a more robust participation in the Philippines' remittance market.
Outlook and Projections
The findings assert the Philippines' position as a growing force within the international remittance space, providing a steady stream of opportunities for growth, expansion, and innovation. With the projected upward trend, the market holds significant potential for stakeholders looking to capitalize on the remittance industry's evolving landscape.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 130 |
| Forecast Period | 2024 - 2028 |
| Estimated Market Value (USD) in 2024 | $39.8 Billion |
| Forecasted Market Value (USD) by 2028 | $42.5 Billion |
| Compound Annual Growth Rate | 1.6% |
| Regions Covered | Philippines |
For more information about this report visit https://www.researchandmarkets.com/r/65e5ky
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