Rizal Commercial Banking Corp, a Philippine financial services firm, is optimistic that its wealth management business will reach its five-year P50 billion ($1.2 billion) asset management target by the end of 2011.

In a press briefing, the bank said that increasing awareness among Filipino investors with regard to the benefits of wealth management services is creating a positive outlook for the industry. At present, RCBC Wealth Management manages around P40 million, which represents a 30 per cent increase from its 2009 AUM.

"The Filipinos' appetite for sophisticated means of growing one's wealth, apart from traditional banking services, is really growing," said Manuel G Ahyong Jr, the segment head of RCBC Wealth Management.

The company presently offers investment counseling, financial planning, tax and estate advisory, and other special needs, mostly to high net worth individuals, or those with a prospective minimum investment portfolio of P20 million. RCBC holds wealth management offices in several areas in Metro Manila, Cebu, and, soon, in Iloilo and Davao.