‘Ultra-rich’ Pinoys rising, says BPI

‘Ultra-rich’ Pinoys rising, says BPI | Daily Tribune

The Bank of the Philippine Islands (BPI) expects more Filipinos to have money in their pockets within two years as they gain from the prevailing low interest rates that spur diverse investment opportunities.

BPI Wealth, the assets management arm of BPI, said the high-net-worth group could increase to 32,000 individuals by 2026 from 18,000 in 2021.

Meanwhile, the ultra-high net worth could expand to 441 individuals from 313 during the period.

“Because of expectations of lower interest rates, equity markets are becoming buoyant again,” BPI Wealth president and chief executive officer Maria Theresa Marcial said Thursday.

High net worth individuals own at least $1 million in liquid financial assets, while the ultra-high net worth have accumulated at least $30 million.

“As the economy grows, as interest rates stabilize and come down, there will be a lot of opportunities for investing,” she added.

To tap these rich individuals, BPI Wealth offers BPI Private Wealth Signature Experience, an upgraded brand of customer service that provides clients customized banking, investing, family-wealth planning, and lifestyle products and services.

Diverse banking service

“Clients benefit from a suite of banking solutions meticulously aligned with their individual financial aspirations,” Marcial said.

Through this innovative approach, we assume the responsibility of managing portfolios while allowing them to establish guidelines, liberating their valuable time to focus on endeavors that hold greater significance — whether it’s pursuing passions or enjoying moments with family and friends,” she continued.

Marcial said BPI Wealth has attracted 25 percent of the high and ultra-high net worth market consisting of around 20,000 individuals.

Moving forward, she said her team will strive to grow that client base by 5 percent.

Marcial said BPI Wealth aims to boost its assets under management to P3 trillion by 2026 from P1.22 trillion as of end-December 2023.

“When we talk about high net worth and ultra high net worth individuals, these are people with businesses and have children and grandchildren, so it’s really tapping a broader ecosystem,” she said.