Wallex Introduces Collections For PHP!

Wallex is thrilled to announce that we now support Philippine peso (PHP) collections!  

Not long ago, we also shared about our expanded VND capabilities. You can read about it here!

These platform enhancements represent our dedication to providing the most comprehensive cross-border solutions – something we take pride in as the leading FX and payments specialist for businesses in Asia.

Why PHP Collections?

With a young and tech-savvy population, English fluency, and a boom in industries such as e-commerce, BPO, and shipbuilding – the Philippines is one of the most attractive destinations for companies looking to tap into new markets.

In fact, we published a comprehensive report about the Philippines! You can read more by clicking the link below.

🔑 Read More: The Wallex Country Report: Philippines

Whether businesses already operate in the Philippines or are looking to expand there, the ability to collect PHP is something that will introduce greater operational efficiency and savings.  

Seamlessly receive payments from customers, clients or business partners based in the Philippines, without having to open a local account with a Philippine bank and constantly perform costly conversions.

Here’s how our new PHP collections capabilities can transform the way your business operates:

• Faster Processing
  Say goodbye to delays! Receive payments in a PHP account in your business’s name – simplifying and accelerating your cash flow operations.
  

• Simplified Account Management
  Pay and receive PHP alongside other currencies from a single, user-friendly platform without ever opening a local Philippine bank account.  
  

• Cost-Effective
  Collecting PHP with Wallex can save you as much as 50% compared to banks and other platforms. Avoid unnecessary FX fees and charges associated with a local bank account.

The Philippines: A dependable business partner  

In 2022, Singapore exported an estimated USD $6.04 billion worth of goods to the Philippines, the bulk of which comprised of refined petroleum (USD $2.06 billion), integrated circuits (USD $1.43 billion), and broadcasting equipment (USD $545 million).

In fact, the Philippines’ is one of Singapore’s largest export markets and it shows. In the period between 2017 and 2022, Singaporean exports to the Philippines increased at an annual of 26.4%, from $1.87B to $6.04B.

Tapping on these economic opportunities is now much easier than before with the ability to collect PHP like a local. It's something we’ve helped plenty of business to pay, collect and convert their funds, including USD, IDR and PHP.

🔑 Read More: Edtech firm ErudiFi sends, holds and receives USD, IDR and PHP easily through Wallex

Power your business in the Philippines with our new PHP collection account

Wallex's new PHP collection account empowers businesses like yours to capitalise on exciting opportunities and emerging industries in the Philippines, operating with far less friction, greater speed, and more savings.

Ready to take the next step?  

Simply log in and open your PHP collection account directly from the Collections section in your Wallex dashboard!

Not a Wallex customer but keen to start collecting PHP? No worries! Simply sign up with Wallex to get started and enjoy power cross-border solutions for your business!

‍