Philippine economic growth & opening education borders.
The Philippines is the 10th most populous nation in the world and is forecast to grow to 145 million by 2045. With a significant portion of the population being under 15 years old, they are also projected to have the most significant growth in its university-age population (20–24-year-olds) compared to other ASEAN (Association of South-East Asian Nations) countries.1
Alongside the forecasted population growth, The Philippine economy is following suit, growing in recent years from 5.6% in 2021 to 7.6% in 2022 . This recipe for expansion is further supported by the Transnational Higher Education Act, passed in 2019, where higher education providers in the Philippines can partner with other universities overseas to provide quality education in-country and transnational campuses worldwide.
It therefore comes as little surprise that the Philippines now accounts for one of the top source countries for students studying abroad, placing 3rd highest after India and China, according to the latest IDP Emerging Futures 4 survey.
Supporting payers from the Philippines
At Convera we support over 900+ institutions worldwide with their international payments and are growing our payment network to meet shifting student mobility and economic trends. As the Philippines is a growing market, we have partnered with PETNET Forex Solutions to offer students a new online banking payment option through the Convera GlobalPay for Students platform. PETNET is majority-owned by City Savings Bank, Inc. and Union Properties, Inc., both wholly-owned subsidiaries of Union Bank of the Philippines (UnionBank), and offers convenient and innovative cross-border payment solutions. This option allows students in The Philippines to pay their fees in Philippine peso (PHP) and upload required documentation within the same screen for ease.
A better payment experience for education providers and students
This new addition to our wide suite of payment methods allows education institutions to accept payments from the Philippines with ease, while receiving funds in their local currency and benefiting from full reconciliation of payment. Students, parents and sponsors from The Philippines can also enjoy a simple and secure way to pay their fees in PHP which offers competitive rates and avoids costly transaction charges from their bank.
Want to find out how we help manage the global transactions of our education institution customers by taking away the complexities of sending and receiving payments? Contact our education team today.
- Quality Assurance Country Report – Republic of Philippines
