HSBC Wealth Philippines aims to increase its share of the high-net-worth market, anticipating a doubling of affluent clients over the next five years, despite economic uncertainties.

“We are looking to grow our market share,” said Pramoth Rajendran, head of international wealth and premier banking (IWPB) at HSBC Philippines, during a press briefing on Tuesday, May 20.

The bank targets the affluent, not the mass market, specifically the top one to 1.5 percent of the country’s population.

“That population is also going to be largely unaffected by the volatility,” Rajendran said, referring to escalating global economic uncertainties largely driven by trade tensions.

Given the relative insulation of the affluent segment, Rajendran expects the number of Filipinos with at least $250,000 (around ₱14.5 million) in wealth to double by 2030.

The bank aims to capture a significant and growing share of this expanding high-net-worth segment as it strengthens its presence in the wealth management space.

“Over the last year, we rolled out about 20 different investment products to help our premier customers diversify and consolidate wealth,” Rajendran said.

He explained that products under HSBC Premier are designed for working professionals, families, local investors, and individuals with international financial needs and long-term wealth goals.

These offerings are available to individuals with a minimum monthly income of around ₱300,000 and at least ₱3 million in deposits.

Although he did not provide specific figures, Rajendran noted that Filipinos show the strongest interest in fixed-income and other conservative investments, with greater allocation toward these low-risk products.

“We’re optimistic about the opportunities in the Philippines. Key indicators support that optimism,” he said.

Rajendran noted the country is expected to post strong GDP growth this year—among the fastest in Asia—driven by a consumption-led economy that helps cushion against global market volatility.

It can be recalled that the Philippine economy expanded by 5.4 percent in the first quarter, slightly higher than the previous quarter’s 5.3 percent but slower than the 5.9 percent expansion recorded in the same period last year.