Philippines

Philippines

General Information

  • Population 111.0 m
  • Population 15 + 78.1 m
  • Online Population 76.0 m
  • Area 300,000 km2
  • Currency PHP
  • GDP 247.6 bn USD
  • GDP per Capita 2,231 USD
  • Card-based payments
  • Cash-based payments
  • Bank transfer
  • Wallets
  • Other
[{"label":"Card-based payments","value":"27"},{"label":"Cash-based payments","value":"21"},{"label":"Bank transfer","value":"14"},{"label":"Wallets","value":"31"},{"label":"Other","value":"7"}]
Banked population
  • Philippines 37%
  • Asia Pacific 71%
  • World 67%
Credit card penetration
  • Philippines 2%
  • Asia Pacific 13%
  • World 19%
Internet penetration
  • Philippines 69%
  • Asia Pacific 60%
  • World 62%
Smartphone penetration
  • Philippines 71%
  • Asia Pacific 71%
  • World 70%

Internet speed has continued to improve, with the country moving up the OOKLA Speedtest ranking. The Philippines ranks 46th for fixed bandwidth (up 7) and 84th for mobile (up 4).

BNPL in the Philippines is set to grow by 109.7% in 2022 to reach USD803.5m, then continue to grow by 50.9% between 2022 and 2028 to be worth USD9.5bn. A number of Filipino BNPL firms have received extra funding and are expanding their area of operations.

Social commerce in the Philippines is set to grow by 30% in 2022 to reach USD682m then to increase by CAGR 27% until 2028 to reach USD2.7tr.

The top Filipino e-commerce site for July 2022 was shopee.ph with 71.9m visits.

Future e-commerce trends (2021-2026)

E-Commerce market size forecast ($US billion)
2022 9.8
2023 12.0
2024 14.3
2025 16.7
2026 19.0
E-Commerce spending per capita ($US)
2022 87
2023 105
2024 122
2025 140
2026 157
E-Commerce spending as % of GDP
2022 2.4%
2023 2.7%
2024 2.9%
2025 3.1%
2026 3.2%

Philippines

The E-Commerce Market

Top e-commerce segments

  1. Electronics & Media: 45%
  2. Food & Personal Care: 25%
  3. Furniture & Appliances: 16%
  4. Fashion: 10%
  5. Toys, Hobby & DIY: 8%

Cross-border e-commerce

  1. Cross-border proportion of total e-commerce – 21%
  2. Value of cross-border e-commerce – 1.1 bn USD
  3. Online shoppers who have shopped cross-border – 48%

Top 3 cross-border shopping origin markets

  1. China
  2. US
  3. South Korea
B2C E-commerce Growth 20->21
  • Philippines 66.1%
E-commerce % of total retail
  • Philippines 5%
  • Asia Pacific 23.8%
  • World 20%
E-commerce completed on a mobile device
  • Philippines 63%
  • Asia Pacific 59%
  • World 53%

The Credit Card Split

  • Visa
  • Mastercard
  • American Express
  • Local Schemes
  • Other
[{"label":"Visa","value":"18"},{"label":"Mastercard","value":"21"},{"label":"American Express","value":"3"},{"label":"Local Schemes","value":"57"},{"label":"Other","value":"1"}]
  • E-commerce market size 7.5 bn USD
  • E-Commerce spending per capita 67 USD
  • E-commerce spending as % of GDP 2.0%

The information on our Insights pages has been compiled by us in cooperation with Datamatics and Wright & Brown. The data shown is partially owned by us and partially owned by GlobalData. © 2021 by PPRO Financial Ltd. No data and information can be used for any further publication without the explicit approval of PPRO.

Philippines

Local Payment Methods

BitPay Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Dragonpay Type Bank transfer, Cash Regions Asia Pacific Market relevance High GrabPay Type Wallet Regions Asia Pacific Market relevance High Hyperwallet Type Bank transfer, Gift card, Prepaid voucher Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High PayPal Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High Paysera Wallet Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High Skrill Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High 123 Type Bank transfer, Cash Regions Asia Pacific Market relevance High 7-Connect Type Cash Regions Asia Pacific Market relevance High Allied Wallet Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High UnionPay Type Local payment card Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High BancNet Type Bank transfer Regions Asia Pacific Market relevance High Boku Type Carrier billing Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High GCash Type Wallet Regions Asia Pacific Market relevance High Google Pay Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High Mobiamo Type Carrier billing Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High Pay Maya Type Wallet Regions Asia Pacific Market relevance High Razer Gold Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High ShopeePay Type Wallet Regions Asia Pacific Market relevance High SMART Money Type Wallet Regions Asia Pacific Market relevance High SWIFT Type Bank transfer Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High 7-Eleven Type Cash Regions Asia Pacific, Middle East & Africa, North America Market relevance Medium Coins.ph Type Wallet Regions Asia Pacific Market relevance Medium InstaPay Type Bank transfer Regions Asia Pacific Market relevance Medium PesoPay Type Cash Regions Asia Pacific Market relevance Medium Secure Remote Commerce (SRC) Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance Medium Boloro Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 G2A Pay Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance Medium ML ePAY Type Cash Regions Asia Pacific NETELLER Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Splitit Type Instalments Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3

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