THE ASSET management arm of Bank of the Philippine Islands (BPI) will reduce the minimum investment amount for its unit investment trust fund (UITF) products to P1,000 from P10,000 starting next month, it said on Tuesday.
The reduction is meant to make investments more accessible to Filipinos who are just starting to build their portfolios, BPI Wealth said in a statement.
“The company believes everyone deserves a chance to grow their wealth and secure their financial future. With lower minimum amount for UITFs, BPI Wealth is making investing easier and more inclusive,” BPI Wealth President and Chief Executive Officer Maria Theresa D. Marcial said.
The move is also in line with its efforts to promote financial inclusion, BPI Wealth said.
“For as low as P1,000, Filipino investors can now access the wide range of investment products offered by BPI Wealth,” it said.
BPI Wealth added that it has launched multiple initiatives as part of its efforts to make investment products more accessible, including a fully digital account opening process via BPI Online or the bank’s mobile app.
Ms. Marcial earlier said BPI Wealth will also be lowering the minimum investment for dollar-denominated products to $100 from $1,000.
The company will also be rebranding its private banking segment into BPI Private Wealth within the year, she added.
BPI Wealth’s assets under management stood at P950 billion as of end-March, rising 8.6% from the end-December 2022 level.
Its listed parent BPI booked an attributable net income of P12.134 billion in the first quarter, 51,98% higher than the P7.984 billion seen in the comparable year-ago period, driven by improved net interest earnings and lower loan loss provisions.
BPI’s shares fell by P1.70 or 1.6% to end at P104.30 apiece on Tuesday. — AMCS