The Southeast Asian country has seen a 10.7% growth in total household wealth and this set to continue to grow by 10% in the next 5 years.
On Thursday, Zurich-based Credit Suisse Group AG stated, it has received the green signal to launch its wealth management business in the Philippines.
The move will allow it to tap the growing wealth in the Southeast Asian country.
Credit Suisse stated it has has received a license from the Securities and Exchange Commission (SEC) and an approval from Philippines’ Central Bank, Bangko Sentral ng Pilipinas, to set up a representative office for its wealth management business.
The move comes as other major global banks are also tapping Southeast Asia’s wealth through an onshore presence. Last month, Switzerland’s Julius Baer entered Thailand through a joint venture.
As per a finding from Credit Suisse Research Institute’s 2017 Global Wealth Report, the total household wealth in the Philippines has grown by 10.7% and has touched $662 billion in 2017.
The number of ultra-high net worth individuals with more than $50 million in net wealth grew by 13% over the period of 2000 to 2017, stated the report. Furthermore, this is likely to expand by more than 10% year in the next five years.