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The Philippines is one of the most dynamic economies in the East Asia Pacific region. The country has increasing urbanization, a growing middle class, and a large and young population. The forces fueling economic growth include solid fundamentals, a competitive workforce, a stable job market, steady remittances, and investment in the construction sector.
As of January 2020, the airlines and hotels segment accounted for 29% of the ecommerce market, followed by clothing and footwear with a 13% market share. During the same period, the average online transaction was $112.
Cash is the the preferred payment method for online purchases in the Philippines, however digital wallets are forecasted to be the most popular method by 2022. In 2019, cash represented 47% of the market while bank transfers accounted for 41%, credit cards 10%, and wallets 1%.
Southeast Asia was already a fintech and an ecommerce hub, but 2020 has seen a resounding increase in the speed with which the region accelerated toward online payments in ecommerce, riding the trend created by the Covid-19 pandemic swiftly into establishing a cashless society as the new norm.
Cross-Border Fulfillment: Landed Cost is Available.
In-Country Fulfillment: Not available