Philippines

Philippines

General Information

  • Population 109.6m
  • Population 15 + 76.7m
  • Online Population 73.4m
  • Area 300,000 km2
  • Currency PHP
  • GDP 362.0bn USD
  • GDP per Capita 3,330 USD
  • Card-based payments
  • Cash-based payments
  • Bank transfer
  • Wallets
  • Other
[{"label":"Card-based payments","value":"33"},{"label":"Cash-based payments","value":"24"},{"label":"Bank transfer","value":"8"},{"label":"Wallets","value":"20"},{"label":"Other","value":"15"}]
Banked population
  • Philippines 35%
  • Asia Pacific 71%
  • World 67%
Credit card penetration
  • Philippines 2%
  • Asia Pacific 13%
  • World 19%
Internet penetration
  • Philippines 67%
  • Asia Pacific 60%
  • World 62%
Smartphone penetration
  • Philippines 69%
  • Asia Pacific 71%
  • World 70%

The Filipino economy is consumer driven with 72% of output is down to household spending. And whilst e-commerce was slow to take off prior to 2020, Covid-19 has accelerated its growth.

Filipinos are the world’s most prolific users of social media. In 2020 there were over 76 m active Filipino social media users. Therefore, it makes sense that most Filipino e-commerce merchants prefer to use social media sites to sell their goods.

According to a poll carried out by Visa in 2020 73% of Filipinos feel they are likely to continue to shop online once the pandemic is over and 37% said that they preferred the online experience to shopping instore.

The Philippine’s economy dropped by 9.5% in 2020 but is forecast to grow by 6.9% in 2021 and 6.5% in 2022 according to the IMF. Inflation rose in 2020 by 2.6% and is expected to rise by 3.4% in 2021 and 3% in 2022.

Future e-commerce trends (2021-2025)

E-Commerce market size forecast ($US billion)
2021 5.5
2022 6.6
2023 7.8
2024 9.0
2025 10.3
E-Commerce spending per capita ($US)
2021 49
2022 59
2023 68
2024 77
2025 87
E-Commerce spending as % of GDP
2021 1.4
2022 1.5
2023 1.6
2024 1.7
2025 1.8

Philippines

The E-Commerce Market

Top e-commerce segments 2019 | 2020

  1. Airlines & Hotels: 80% | 38%
  2. Electrical Goods: 3% | 12%
  3. Homeware & Furniture: 2% | 11%
  4. Toys, DIY, & Hobbies: 2% | 9%
  5. Health & Beauty: 3% | 8%

Cross-border e-commerce

  1. Cross-border proportion of total e-commerce – 21%
  2. Value of cross-border e-commerce ($US billion) – 1.0
  3. % of online shoppers who have shopped cross-border – 46%

Top 3 cross-border shopping origin markets

  1. China: 39%
  2. USA: 23%
  3. South Korea: 7%
E-commerce % of total retail
  • Philippines 3%
  • Asia Pacific 23.8%
  • World 20%
E-commerce completed on a mobile device
  • Philippines 70%
  • Asia Pacific 59%
  • World 53%

The Credit Card Split

  • Visa
  • Mastercard
  • American Express
  • Local Schemes
  • Other
[{"label":"Visa","value":"17"},{"label":"Mastercard","value":"22"},{"label":"American Express","value":"1"},{"label":"Local Schemes","value":"57"},{"label":"Other","value":"3"}]
  • E-commerce market size ($US billion) 4.8bn USD
  • E-Commerce spending per capita ($US) 44 USD
  • E-commerce spending as % of GDP 1.3%

Philippines

Local Payment Methods

BitPay Type Wallet Regions Asia Pacific + 5 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 + 5 Market relevance High PayPal Type Wallet Regions Asia Pacific + 5 Market relevance High Paysera Wallet Type Wallet Regions Asia Pacific + 5 Market relevance High Skrill Type Wallet Regions Asia Pacific + 5 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 + 5 Market relevance High BancNet Type Bank transfer Regions Asia Pacific Market relevance High Boku Type Carrier billing Regions Asia Pacific + 5 Market relevance High GCash Type Wallet Regions Asia Pacific Market relevance High Google Pay Type Wallet Regions Asia Pacific + 5 Market relevance High Mobiamo Type Carrier billing Regions Asia Pacific + 5 Market relevance High Pay Maya Type Wallet Regions Asia Pacific Market relevance High Razer Gold Type Wallet Regions Asia Pacific + 5 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 + 5 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 + 5 Market relevance Medium Boloro Type Wallet Regions Asia Pacific + 5 G2A Pay Type Wallet Regions Asia Pacific + 5 ML ePAY Type Cash Regions Asia Pacific NETELLER Type Wallet Regions Asia Pacific + 5 Splitit Type Instalments Regions Asia Pacific + 5

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