UBS AG has officially closed its representative office in Manila, according to the Bangko Sentral ng Pilipinas (BSP).
In a circular issued by BSP Deputy Governor Chuchi G. Fonacier, the Monetary Board acknowledged the cessation of UBS’s Manila office operations in a resolution dated December 19, 2024. However, the reasons for the closure remain undisclosed.
UBS first entered the Philippine market in 1996, establishing a representative office followed by the launch of UBS Securities Philippines Inc. the same year. The bank further expanded its operations in the Philippines in 2008 with the creation of UBS Investments Philippines Inc.
Despite the closure of its representative office, UBS emphasized that its two key entities—UBS Securities and UBS Investments—would continue to maintain a strong market presence in the Philippines.
In a statement, the bank reaffirmed its commitment to the country, noting, “UBS Securities and UBS Investments continue to have a strong market presence in the Philippines and remain deeply committed to the country.”
Foreign bank representative offices in the Philippines are limited to promotional activities and providing information about their parent companies’ services. They are prohibited from engaging in direct financial transactions or offering core banking services.
Currently, eight foreign banks maintain representative offices in the Philippines, including major players such as DBS Bank, Bank of Singapore, and Rothschild (Singapore), according to the BSP.
The closure of UBS’s Manila office follows a similar decision by Credit Suisse AG in 2024, aligning with a growing trend of global financial institutions reassessing their operations in emerging markets, especially as geopolitical and economic conditions continue to evolve.
