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In 2021, the gross transaction value of digital remittances in the Philippines reached billion U.S. dollars. This was forecast to amount to billion U.S. dollars by 2025.

The rise of digital remittance in the Philippines

Digital remittance services proved crucial in allowing Filipinos based abroad to send money to their families in the Philippines in a faster, cheaper, and more convenient way. However, a recent survey indicated that pawnshops and money services remain the leading remittance channel for receiving and sending money in the country. This was followed by a quarter of respondents saying they preferred using online banking or mobile applications for sending money.

Economic contribution of remittances

With roughly *** million overseas Filipino workers in 2020, personal remittances accounted for a significant portion of the country’s gross domestic product. A considerable share of these remittances come from overseas workers in the United States, followed by those working in Singapore. Remittances received were mostly spent on food and other household necessities, but also to fund education and medical expenses.