The Philippines has been a growing economy for some time, owing to that researches, studying the country’s remittance market conclude that a growth spurt will be experienced by 2023.
The report by the research firm suggests that the Philippines will see an increase in international remittances, driven by the number of overseas Filipino workers (OFW). The research also cited the medium for this growth is the cutting-edge technology paired with the country’s banking channels.
Crypto, biometrics and other advancements in technology will remodel the mobile financial industry and the country’s economy will surge.
An important precursor to this was the increased use of mobile technologies for transferring money. Everything from the payment of bills to remittances was driven by the country’s growing technological ecosystem and are a big factor for their future growth.
The study by Ken Research was titled “Philippines Money Transfer and Bill Payment Market Outlook to 2023” contained one key point which suggested that if the remittances sector continued to grow, along the current trend, the volume of the same would reach $42 billion by 2023.
The reports highlights the Ethereum Blockchain as one of the main drivers that could reduce the cost of remittances, unlike the Bitcoin. Ethereum’s prime token ether (ETH) can be used to reduce the cost when sent over the blockchain, acting only like a transaction fee.
Philippines Central Bank, the Bangko Sentral ng Pilipinas (BSP) has also facilitated this process, by announcing last month that plans were in place of encouraging commercial banks to pursue the use of blockchain technology. This dichotomy could help vitalize the remittance sector as well as breed a platform for financial inclusion.
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