HSBC finds market in Pinoys attaining upper-class status via an education abroad

British banking giant HSBC wants a bigger slice of business among the country’s elite as it launched a range of services aimed at wealthier Filipino families.

HSBC said these products were tailored to address issues such as wealth planning, safety and protection as well as international connectivity and education.

Those insights were gathered from HSBC Premier customers, or those with a “total relationship balance” of at least P3 million, a home loan of at least P6 million or monthly earnings or wages of at least P300,000.

HSBC noted wealth planning was a key concern for Filipino families.

“Based on insights from customers, we found that they want to build and preserve wealth so they can secure the future of their family,” Peter Faulhaber, head of retail banking and wealth management at HSBC Philippines, said in a statement.

A fast-growing trend among wealthier Filipino families is international education.

“Filipino families regard education as the most important investment they can give to secure their children’s future. The number of Filipino students studying abroad almost doubled from 2008 to 2018, with more students being mobile, adventurous and independent, attending universities or participating in exchange programmes overseas,” Faulhaber said.

HSBC said in its annual overseas education 2019 study that a quarter of international students underestimated the costs of studying abroad.

HSBC said its Premier clients could extend benefits to their children. —MIGUEL R. CAMUS