The Philippines – A Hubbis Wealth Management Market Update & Outlook Discussion 2022 | Hubbis | 16 November 2022 | Webinar

They will analyse where there needs to be more progress and what building blocks need to be put into place in order to facilitate such progress, such as regulatory liberalisation, greater investment by the local and international players, more trendsetting by the new JV partnerships between onshore and offshore partners, enhanced digitisation, and so forth.

Understanding the key drivers and current competitive environment is vital for the positioning of the local and international players as they jostle for prominence in what is certainly a market of huge potential, as the population keeps growing and as the economy and private wealth creation keep expanding, even amidst global uncertainties.

Even amidst the global geopolitical, financial, markets and fiscal havoc that has exploded this year, the Philippine Statistics Authority (PSA) reported that GDP expanded at a cracking 7.4% pace in Q2 of 2022, the fifth consecutive quarterly increase after the first quarter of 2021.

The PSA reported that GDP expanded across all the major economic sectors, and the outlook remains very positive, especially with demand rising - household consumption grew by 8.6% in Q2. And the gross national income surged by 9.3%. Inflation and rates have both been rising, but according to most analysts within reasonable bounds, and not to levels that could stifle growth.

Moreover, the demographics are very encouraging - the Philippines has both a huge and a very young and fast-expanding population, the third youngest in Asia.

Although the Philippines has always been one of those economies and markets that has perhaps promised more than it has delivered, there is today therefore mounting optimism that the private sector, the regulators and the government are more aligned than ever in wanting to promote the financial sector and markets as the country’s population grows so rapidly, as the mass affluent are growing apace, and as the government seeks to bring more of the massive offshore wealth of the rich and super-wealthy back onshore.

The result is a gradually more diversified range of products and solutions onshore and a broader range of private banks and independent wealth firms, some of the alliances between international names and powerful local financial institutions with their reach across the country’s vast lands and many thousands of islands. Moreover, there is rising interest amongst the wealthy in estate and legacy planning, in alternative assets, in globalising their investment portfolios and in generally enhancing both the risk management and also allocation strategies they adopt. And of course, at the same time, digitisation across wealth management is improving rapidly, which is especially important in a country as geographically spread out as the Philippines and where wealth is increasingly spread across the length and breadth of the country.

2022 Partners

Marcy Kohchet-Chua
Chief Client Relationship Officer, ATRAM

Stella Cabalatungan
Executive Vice President, Head of Wealth Management Group, BDO Private Bank

Dr. Robert Ramos
First Senior Vice President, Trust Officer and Group Head, RCBC Trust, Investments Group, RCBC

Vanessa Raymundo
Executive Director, Strategic Alliances, Lombard Odier

Anurag Pandey
Head of Platform and Partnerships (APAC) additiv

Rafael Ayuste
Senior Vice President, Group Head Trust, Investments Group, BDO Unibank

2022 Partnars

• Additiv
• Lombard odier