The stand-alone trust of Rizal Commercial Banking Corporation (RCBC) saw its Assets Under Management (AUM) climb to P161 billion this month as electronic money issuers thrive.
RCBC Trust Corporation president and chief executive officer Robert Ramos said this level has surpassed the P147.49 billion recorded in March last year.
Ramos said institutional clients, especially electronic money issuers boosted trust accounts, contributing investments worth P200 million to P1 billion.
RCBC Trust started operations in January as a stand-alone entity, following its approval by the Bangko Sentral ng Pilipinas on 10 October 2023.
Ramos told the Daily Tribune in December that this decision would allow clients to access third-party platforms and diversify their investment portfolios.
“Our clients will also have more investment outlets to choose from once we complete the transition since trust corporations are exempt from certain regulations (e.g. single borrower’s limit) which eff ectively limit the investment opportunities that trust entities can offer to their trust clients,” he said.
Ramos said the trust corporation now offers investment advisory and estate planning. “We believe that these two services will be additional avenues of growth for the company,” he said.