The Philippine central bank has granted Canadian insurance major Manulife Financial approval to operate trust and other fiduciary business in the country.

Following the liberalisation of trust business in the Philippines, Manulife Asset Management and Trust has become the first foreign financial institution to receive the certificate of authority from the Bangko Sentral ng Pilipinas (BSP).

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The trust company in a statement said the licence would enable it to bolster its business offerings in the Philippines and demonstrate a “commitment to deepening its relationships in Asia.”

The company intends to bring an initial offering of unit investment trust funds – a pool of investments funded by various investors – to investors in the third quarter of 2017.

It also plans to offer a suite of customised solutions covering pension accounts, bespoke institutional mandates and segregated accounts for institutional investors.

Commenting on the development, Manulife head of wealth and asset management for Asia Michael Dommermuth said: “The Philippines is a promising market for the asset management industry given the rapid growth of the middle class population.

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“We have, over time, already built a strong book of business in the Philippines through our investment-linked products. With the launch of the trust corporation here, we now have the broadest ASEAN footprint of any asset management company, which is strategically important as we anticipate accelerated economic growth within the ASEAN region,” Dommermuth added.

Also, the company named Aira Gaspar as CEO of the new trust company. She was previously chief investment officer of Manulife Philippines.