“The appointment affirms the importance of the Philippines market to Coutts, given the improved country’s outlook on its long-term generation of wealth, following recent strong economic and investment growth as well as buoyant financial market developments,” Coutts said in a statement today.

Chan, who will be based in Hong Kong, reports to KK (Iggy) Chong, head of Hong Kong for Coutts.

The appointment comes at a time when the Philippines has been hailed as one particular "bright spot" to watch. According to data issued late in the summer this year, the Philippine economy grew by 5.9 per cent in the second quarter, above speculators’ estimates but below the first quarter performance of 6.4 per cent, which outpaced all other countries in the region, except China.

In his new role, Chan will be responsible for developing and driving offshore wealth management propositions to meet the needs of clients in the Philippines.

He previously worked at Morgan Stanley in Hong Kong, where he was responsible for building up an offshore Philippines team targeting the ultra-high-net-worth segment. Prior to that, he was the market leader of Philippines for Credit Suisse in Hong Kong.

Chan has also served Philippine clients during his tenures at HSBC Private Bank (Hong Kong), Citigroup Private Bank (Hong Kong) and Bank of Bermuda (Hong Kong).