BPI Wealth looks to increase market share

THE WEALTH MANAGEMENT unit of Bank of the Philippine Islands (BPI) is looking to increase its market share among high to ultra-high net worth individuals in the Philippines through tailor-made products and initiatives, its top official said on Thursday.

BPI Wealth President and Chief Executive Officer Maria Theresa D. Marcial said at a briefing that there are around 20,000 high to ultra-high net worth persons in the Philippines, with 25% of them currently being served by BPI Wealth.

She said BPI Wealth hopes to raise this market share by five percentage points through its product offerings.

The company last year launched its Wealth loan product, which gives clients access to liquidity. BPI Wealth is aiming to disburse P12 billion in Wealth loans this year, Ms. Marcial said.

It also launched discretionary model portfolios this year, allowing clients to invest for wealth preservation, income generation, or capital growth.

BPI Wealth also offers a multi-family office solution to help clients navigate issues in investment management, legal advisory, comprehensive planning, estate planning, business succession, and property management.

Ms. Marcial added that the high to ultra-high net worth population is expected to continue growing as Philippine gross domestic product is seen to expand by around 6% this year, which could boost firms’ and individual incomes.

“We expect that fixed income will really outperform. In the past year or so, we’ve seen very short-term money market instruments doing very well. I think in the next six months or six to nine months, we should start rethinking our portfolios and shifting to longer durations,” she said.

Expectations of easing inflation and lower borrowing costs will also prop up equities, Mr. Marcial added. — A.M.C. Sy