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Executive Summary
The remittance industry in the Philippines is highly competitive and dynamic, with several players vying for a share of the market. Traditional banks, both domestic and international, plays a significant role in the remittance industry. They offer various remittance services, often in collaboration with remittance companies or money transfer operators.

There are few big banks namely BDO Bank of Philippines, Bank of Philippines Island, and Metro Bank. The key players are focusing on offering digital and blockchain-based remittance services to the customer, enabling them for faster cross-border transfers.

In 2023, Banking as a service (BaaS) platform Netbank has launched a new service enabling international remittance companies to facilitate overseas remittances into the Philippines.  

Additionally, Xpress Money, a money transfer operator, partnered with LBC Express (LBC), a Philippines-based courier company. This partnership was aimed at broadening the reach of remittance services in the Philippines.

There are several local pawnshops and remittance outlets, such as Palawan Pawnshop and Cebuana Lhuillier, which have an extensive presence across the country. They offer remittance services in addition to their core businesses.

The Philippine government is also actively encouraging financial inclusion and assisting several projects to improve the effectiveness and affordability of remittance transactions for Filipino workers abroad. In order to guarantee the security and transparency of the sector, laws have also been implemented.

Overall, a variety of service providers catering to various client demands and preferences define the competitive environment. In order to attract clients, several players concentrate on offering comfort, swiftness, and reasonable exchange rates. The expanding trend of digitization in the financial sector is also reflected in the increased use of mobile money and digital wallets for remittances.

Scope of the Study
Makreo Research has released a competitive study on title “Philippines Remittance Market Competitive Landscape." report provides comprehensive coverage of key companies operating within the Remittance Market, with a particular focus on BDO Bank of Philippines, Bank of Philippines Island, and Metro Bank. These companies represent a diverse array of players within the market. The report examines various aspects related to these companies and the industry as a whole, including: M&A, Funding, Company profiles. In sum, the report provides a well-rounded and informative analysis of the competitive landscape within the remittance market, covering established companies, their financial activities. This information equips stakeholders and industry professionals with a comprehensive understanding of the evolving dynamics within this rapidly growing and changing sector.

Mergers & Acquisitions and Investments
The report offers insights into recent mergers and acquisitions within the Philippines Remittance market, shedding light on strategic moves made by the featured companies. Additionally, it analyzes investments in the industry, highlighting key trends and financial activities that shape the competitive landscape.

Companies Covered

• Banco de Oro Universal Bank (BDO Unibank)
• Bank of the Philippine Islands (BPI)
• Metro Bank
• Western Union
• Luzon Brokerage Company (LBC Express)
• Cebuana Lhuillier Pawnshop
• Palawan Pawnshop
• Villarica Pawnshop, Inc.
• Tambunting Pawshop
• Raquel Pawnshop

Key Questions Answered

1. Which companies are considered Tier 1 Players in the Philippines' Remittance Market?
2. Who are the prominent players within the pawnshop industry in the Philippines?
3. What are the significant business achievements of the companies operating in the Philippines Remittance Market?
4. What are the notable mergers and acquisitions that have occurred historically within the Philippines Remittance Market?
5. What is the market share held by the principal players in the Philippines Remittance Market?