Emboldened by the Asian country's robust economic growth, the financial services company has won official blessing to offer fund and related services in the Philippines.

Manulife, the financial services group, said its one of its business arms has got the green light to provide trust and fiduciary services business in the Philippines.

The regulatory clearance has been granted by the country’s central bank to Manulife Asset Management and Trust Corporation. 

The step is part of Manulife’s “strategic plan to strengthen its business offerings in the Philippines and demonstrates the company’s commitment to deepening its relationships in Asia” Manulife said in a statement yesterday.

As part of the development Aira Gaspar has been appointed chief executive, Manulife Asset Management and Trust Corporation; she was Manulife Philippines’ chief investment officer.

The business will bring an initial offering of Unit Investment Trust Funds to investors in the third quarter of 2017. In the institutional space, a suite of dedicated and customized solutions covering pension accounts, bespoke institutional mandates and segregated accounts in the Philippines will also be offered, the firm said.

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

Earlier this year, the World Bank predicted that the Philippines economy will grow by more than 6 per cent for years until 2019, the fastest pace in the country’s history. The economy expanded by 6.8 per cent in 2016, outpacing the likes of China.