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Philippines

The Philippines Payment Market Overview

Though the population of the Philippines is the second largest in the Southeast Asia region, its share of retail sales compared to other markets is low. However, the young population and growing middle class, coupled with increased Internet connectivity especially through smartphones and government initiatives are combining to prepare the way for rapid growth. The publisher's report includes forecasts of the Philippines surpassing Singapore and Malaysia in total online retail sales by the middle of the next decade.

The majority of people in the Philippines who shop online are between the ages of 18 to 31 — members of Gen Z and Millennials who are tech-savvy and prolific social media users. Online shoppers in the Philippines tend to gravitate towards consumer electronics and gadgets, digital entertainment, clothing and footwear, as well as beauty and personal care products.

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Key Market Indicators in the Philippines

$5,600,000,000
Online shopping market value
71.4%
Internet penetration
10.5%
Annual market growth
70%
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Banks in the Philippines

Banco de Oro
Metropolitan Bank and Trust Company
Land Bank of the Philippines
Bank of the Philippine Islands
Philippine National Bank
China Banking Corporation
Security Bank Corporation
Development Bank of the Philippines

Mobile Carriers in teh Philippines

Globe Telecom
Smart Communications

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The majority of ecommerce transactions are made with cash-on-delivery and bank transfers (estimated at 30-70% depending on business and vertical) and the market is also notable for its low level of credit card use and rapid growth in mobile as a payments channel.

There is also a culture of ordering items via mobile and then paying for them in cash at convenience stores. However, the use of cash is expected to drop dramatically over the next two years.

Country Statistics
Region Southeast Asia
Population 106.7 million
E-commerce market size $5,6 billion
Local currency PHP
Key Metrics
Internet penetration rate 71.4%
Internet cost $34/month
Mobile penetration rate 35%
Cellular technology standard 4G, 5G
Dual sim usage 36.4%
Popular mobile OS Android
Other Information
Big Mac Index 2.85
Average annual income $5,365
Largest Cities in the Philippines by Population
Quezon City 2,936,116
Manila 1,780,148
Davao City 1,632,588
Caloocan 1,583,978
Cebu City 922,611
Zamboanga City 861,799
Taguig 804,915
Antipolo 776,386
Pasig 755,300
Cagayan de Oro 675,950

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