Review of remittance-backed products in the Philippines

This reviews the Philippine remittance environment and provides the reader with what are considered current and cutting-edge in the Philippine remittance environment, how the existing industry practices and regulatory measures can contribute to development gains, the gaps and hindrances that could be addressed through regulation, competition, or improvement of financial mindsets.

This reviews the Philippine remittance environment and provides the reader with what are considered current and cutting-edge in the Philippine remittance environment, how the existing industry practices and regulatory measures can contribute to development gains, the gaps and hindrances that could be addressed through regulation, competition, or improvement of financial mindsets. It describes the key stakeholders in the banking and non-banking sector which provide remittance and financial services as part of or their main or core business, on a daily or regular basis, including new players and the innovations they bring towards harnessing remittances for productive use. This study outlines the various issues and challenges that need to be addressed or models that need to be supported, particularly emerging good practices that show potential to be used for translating migration gains into local economy development, particularly of financial literacy.

This is part of a series of papers being published by the ILO/Korea Partnership Programme, ILO Regional Office for Asia and the Pacific.