Philippines Wealth Management Forum 2019 - Exclusive Insights - Robin Heng
Global Market Head Philippines, Australia, Indonesia and Thailand
Bank of Singapore
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If you look at the last eight years in the Philippines with the booming stock market and the real estate prices and the peso being stable, there is a new emergence of wealth that the offshore private banks have not cultivated or have not known. Actually a lot of this new wealth resides in the local banks today, so from an offshore perspective, I think this is the new challenge for us to grow this market. I can see that a lot of these customers also require to diversify away from the onshore holdings and they would want to look for offshore assets in order to help them balance out what they have onshore.