PH sees growth as fund management center

THE Philippines has become an attractive location for assets under management (AUM) and expects to see further growth in such assets in the country, worth close to P3 trillion as reported by trust institutions to the central bank as of end-March, or even P4 trillion if those under other asset management companies are included.

The total amount of AUM reported to the Bangko Sentral ng Pilipinas (BSP) as of end-March stood at P2.7 trillion. However, BSP governor Amando Tetangco Jr. said the estimate made by the Fund Managers Association of the Philippines (FMAP) showed that the total AUM in the country approached P4 trillion, covering 174 peso-denominated fixed income and equity funds and 52 foreign-denominated funds.