Bank of the Philippine Islands

Maria Theresa Marcial serves as President and CEO of BPI Wealth, the asset management and trust subsidiary of Bank of the Philippine Islands. Investment decisions are executed by portfolio management teams operating under the firm's trust committee structure, which is governed by regulations set by the Bangko Sentral ng Pilipinas. The broader BPI group is controlled by Ayala Corporation, one of the Philippines' oldest and largest conglomerates.

BPI Wealth's private markets exposure comes primarily through fund commitments and co-investment vehicles. The firm allocates to local Philippine funds focused on infrastructure, real estate, and private credit, with direct co-investments alongside trusted local sponsors forming a secondary channel. This fund-first approach reflects the regulatory framework governing Philippine trust entities and the firm's conservative institutional heritage.

BPI Wealth targets mature, income-generating assets within its private markets allocation. Its real estate exposure concentrates on completed, leased commercial properties, often through Philippine real estate investment trusts. In infrastructure, the firm favors operational projects with contracted cash flows rather than greenfield development. Private credit allocations focus on senior secured lending to mid-market and large Philippine corporates.

BPI Wealth co-invests selectively alongside Philippine fund managers with established track records, typically in infrastructure and real estate transactions. The firm leverages BPI's corporate banking relationships to diligence co-investment opportunities, providing a proprietary origination channel that independent trust entities in the Philippines cannot easily replicate. Co-investments are structured through the trust accounts it administers on behalf of institutional and high-net-worth clients.

Ayala Corporation, a publicly listed Philippine conglomerate with interests in real estate, banking, power, and infrastructure, holds a controlling stake in Bank of the Philippine Islands. BPI Wealth operates as a wholly owned subsidiary of BPI, placing it within the Ayala group's financial services ecosystem. The relationship provides BPI Wealth with access to Ayala-originated deal flow in property development and infrastructure, though fiduciary rules require arm's-length transaction standards.