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Philippines Pawnshop Market Outlook to 2020 - Convenience with Pawning and Remittance Services to Stimulate Growth

Philippines Pawnshop Market Outlook to 2020 - Convenience with Pawning and Remittance Services to Stimulate Growth

  • April 2016
  • 124 pages
  • ID: 4068877


Table of Contents

Executive Summary
The report titled “Philippines Pawnshop Market Outlook to 2020 – Convenience with Pawning and Remittance Services to Stimulate Growth” provides a comprehensive analysis of the Pawnshops Industry in Philippines. The report covers various aspects such as market size of Pawnshop industry on basis of loan disbursed, volume of remittance transactions and number of pawnshops, segmentation on the basis of new and renewed transactions, repayment period, services provided, pawned items and by income source. The report also entails detailed competitive landscape of major pawnshop players in pawning and money transfer segments along with the Government rules and regulations governing the market. An analysis of the future of Pawnshops market in the Philippines is provided on the basis of loans disbursed and volume of money transferred over next five years.

The poor functioning of the banks in Philippines have provided a higher popularity to other informal sources of credit such as pawnshops. Pawnshops these days have been growing at a remarkable pace in terms of their reach and the credit provided to the people. The loan disbursed in 2015 augmented to PHP ~ billion on the account of advent of online pawning in the country which is a new advancement. Lack of credit facilities, lower credit card penetration and incomplete credit histories has prompted the borrowers to resort to the pawnshops since they require just a valid identity proof and collateral to provide the credit. The number of pawnshops in the Philippines was registered at ~ as of December 2015. The lower income class and the middle income class of the Filipino society are primarily served by the pawnshops for their remittance and easy credit requirements since this population cluster constitute the unbanked members of the population.

The increase in local migration over the years has been favorable to the growth of domestic money transfers. The total market for domestic remittances was valued at PHP ~ billion in 2015 out of which PHP ~ billion was catered by the pawnshops which witnessed expansion from PHP ~ billion in the year 2010. The apex hospitals and universities, jobs, premier institutions and business districts are located in Metro Manila. Migrants have come to Manila in massive proportions, particularly in search of employment and better career opportunities. Owing to this, Metro Manila has accounted for the highest share of remittances in the past years, in terms of origin of money transfers from this region. Eastern Visayas, Bicol, Northern Mindanao, CARAGA and Zamboanga Peninsula were the regions with a high percentage of underemployed Filipinos. Owing to this, a high percentage of domestic remittances, which majorly originated from Metro Manila, were sent to these regions.

With the rising penetration of internet in Philippines, the country has observed a new trend for online pawning. The country saw the launch of its first online pawnshop named PawnHero in 2015 in partnership with 2GO. The internet penetration in the country has increased at a startling rate from ~ % in 2009 to ~ % in 2015.

The unbanked Filipinos also use pawnshops for paying various kinds of bills. Although till now pawnshops are not much preferred for payment of bills, however the ubiquity of pawnshops will make certain the growth of bill payment services through pawnshops. The average transaction fee paid by the Filipinos for making bill payments has ranged between ~ pesos to ~ pesos at the pawnshops.

Insurance through pawnshops has been a newer segment for the pawnshops and yet at its nascent stage. The pawnshops have been providing low cost insurance services ranging from just PHP ~ to PHP ~. The insurances provided by the pawnshops usually come in the combination of different kinds of services such as accident, death, burial assistance and others. These policies vary from 3 to 12 months. The pawnshops have been providing these services in tie ups with certain insurance companies such as Palawan pawnshop with UCPB General Insurance Co., Inc, RD pawnshop with Malayan Insurance and others.

In 2015, only ~ pawnshops were indulged primarily into pawning while other ~ pawnshops were also providing the auxiliary services, along with pawning services. It is further expected that with the government efforts to maintain financial inclusion with the help of pawnshops and improving image of pawnshops, higher number of pawnshops will initiate providing auxiliary services along with the pawning services.

It has been observed that as of 2015, jewellery (especially gold or gold plated) stood as the most pawned item in the pawnshops. This is majorly due to the fact that jewellery is usually the most valuable thing that a person owns and it is always fashionable. Moreover jewellery generally has a sentimental value attached to it. Jewellery holds around ~ % share in the total pawned items as per 2015.

It has been observed that in a critical pawnshop, ~ % of the transactions are the new transactions and the other ~ % of the transactions are for the renewal of the previous pawn transaction, even though most pawnshops charge higher interest rates for renewal of the pawn transaction. This is due to lack of liquidity with the borrowers at certain times which curb their paying power and hence they extend the ongoing pawning transaction.

The market is further expected to reach PHP ~ billion in 2020 from PHP ~ billion in 2015 in terms of loans disbursed and PHP ~ Billion in 2015 to PHP ~ billion in 2020 in terms of volume of remittance transactions.

Key Questions Answered by Report
What is Potential of Pawnshops by Services in Future by 2020?
What are the Changes Required in the Pawning Process to reduce Non-Performing Assets?
What are the opportunities for online pawning business in the Philippines?
What is the average transaction size and number of remittance transactions by Major Pawnshops?
What are the major flow corridors with transaction volumes in the Philippines?
What is the split of Pawning loan disbursed by Pawned Items?

Key Topics Covered in the Report
- The market size of the Philippines Pawnshop Market on the basis of Loan Disbursed, 2010-2015
- The market size of the Philippines Pawnshop Market on the basis of Total Volume of Money Transfer Transactions, 2010-2015
- Market segmentation of Philippines Pawnshop Market by Major Flow Corridors, 2010-2015
- Market segmentation of Philippines Pawnshop Market by Income Source, 2010-2015
- Market segmentation of Philippines Pawnshop Market by Head Offices or Branches, 2010-2015
- Market segmentation of Philippines Pawnshop Market by New or Renewed Transactions, 2010-2015
- Market segmentation of Philippines Pawnshop Market by Pawned Items, 2010-2015
- Market segmentation of Philippines Pawnshop Market by Replacement Period, 2010-2015
- Market segmentation of Philippines Pawnshop Market by Services Provided, 2010-2015
- Trends and Developments in Philippines Pawnshop Market
- Government Rules and Regulations Governing Philippines Pawnshop Market
- Growth Drivers for the Philippines Pawnshop Market
- Market Share of Major Players in Philippines Pawnshop Market, 2015
- Company profiles of major players in the Philippines Pawnshop Market
- Snapshot of Online Pawnshop Market
- Snapshot of Bill Payments via Pawnshops
- Snapshot of Insurance via Pawnshops
- Future outlook and projections on the basis of Loan Disbursed and Volume Of Money Transfer Transactions in Philippines Pawnshop Market, 2015-2020
- Cause and Effect Relationship between Industry Factors and Growth of Industry
- Analyst Recommendations for Philippines Pawnshop Market
- Macro Economic Variables affecting Philippines Pawnshop Market

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