Rising number of Filipino middle class and large numbers of millennials

Manulife Asset Managment and Trust Corporation is the global asset management arm of Manulife and its officials are positive for a strong growth for its business in the Philippines given the improving economies of countries belonging to the Association of Southeast Asian Nations (ASEAN).

Charland said the political noise in the country is not unique in the Philippines, thus, the focus on the demographics, which, he said, is “absolutely tremendous.”

“A lot of people are working and consuming. OFWs (Overseas Filipino Workers) and BPOs (Business Process Outsourcing) continue to remit in record amounts so I’m quite bullish on the economy,” he said.

Michael Dommermuth, head of Manulife’s Wealth and Asset Management in Asia, during the same briefing, said the company considers ASEAN as a “non-stoppable asset force” and is forecast to eclipse the European Union and Japan by 2050 through the help of Indonesia, Vietnam and the Philippines.

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