Winners rationale

With a prowess for wealth generation that is backed up by an economic growth rate of 6.7%, a benign inflation environment at just 3.4%, and a low central bank interest rate of only 3%, the Philippines stands as one of the most promising private banking markets in Asia. Add into the mix a proposed comprehensive tax reform package designed with an eye to bring down the nation’s corporate tax rate (currently among the highest in Asia), and it is unsurprising that a number of foreign banks are actively considering onshore set-ups.

The Philippines market is also one of the region’s most complex – a fact that plays into the hands of domestic incumbents with strong branch networks, a deep understanding of cultural nuances and, of course, long-standing relationships.

In 2017, BDO Private Bank, a wholly-owned subsidiary of the country’s largest lender, BDO Unibank, proved itself head and shoulders above the competition on account of its deep resources and a full service-range dedicated to capturing the ‘Philippines opportunity’.

From pure investment execution to advisory and discretionary services, the bank bears the hallmarks of an international-quality wealth manager. Not only do clients benefit from its full-spectrum, open-architecture product platform for local and global asset servicing, but the private bank delivers funding for education and new business ventures; its offering extends to bespoke wealth planning services and philanthropy, and clients are well-catered to by a network of customer lounges dotted throughout the archipelago.

With an average tenure of 7.6 years, BDO’s bench of 41 private banking relationship managers can rightfully claim to be the country’s most experienced team, each servicing an average client AUM of PHP48 million (US$1 million), and supported by an equally experienced team of wealth advisors. Accordingly, since 2013, BDO Private Bank has grown its client assets at a compound annual rate of 32.9%, to PHP 393.2 billion as at the end of October 2017.

BDO Private Bank’s mantra is that ‘real value’ is achieved “when assets transcend monetary profit, and they are no longer wealth for its own sake”. A testament to BDO’s maturity as a wealth manager is the fact that it has positioned the business around helping clients achieve their financial life goals through all life stages – an imperative for any private bank that aims for long-term relevance and competitiveness.

BDO is Asian Private Banker’s Best Private Bank – Philippines Domestic for 2017.