By Jomarc Angelo M. Corpuz, Special Features and Content Writer, BusinessWorld
Managing the trust of some of the biggest banks in the Philippines requires keen attention to detail, fidelity to the client, and exemplary professionalism. After all, they are tasked with the difficult duty of administering trusts in good faith in accordance with the terms and purpose of the trust instrument, while balancing the interests of the trust beneficiaries. Because of this, trust officers boast the confidence of their trustors and are held accountable by the trustees.
The Trust Officers Association of the Philippines (TOAP) is bestowed with the highest fiduciary mandate and works in close coordination with the Bangko Sentral ng Pilipinas (BSP). The association aims to elevate the trust and asset management industry in the country to a level at par with international standards by actively contributing to the development of the capital markets and promoting the interests of its customers and the investing public.
The TOAP’s mission is to respond to the changing needs and remain committed to the interests of its clients; to advance the professional growth and development of its members; as well as provide a dynamic and robust environment conducive to growth for its constitutional members.
The premier association of trust officers in the country hopes to become the authoritative private sector association in trust, fiduciary, and asset management not only in the Philippines but also in the Asia Pacific region. Its vision includes becoming a prominent driver and catalyst of change in the fiduciary and financial markets; a developer of competent, knowledgeable, and qualified professionals; an enforcer of the highest level of ethical standards; and a trusted educator of clients.
After six decades of actively enhancing the Philippine financial management industry, TOAP commits to focusing on and strengthening key areas that seemingly attract the next generation of investors and trustees, namely: digital transformation, sustainable and responsible investing, and enhanced customer engagement.
Digitizing operations, implementing online platforms for client interactions, and leveraging data analytics are among the innovations that the TOAP seeks to implement on its journey toward digital transformation. With 70% of the Philippine population being Generation Zs or millennials, adapting to the needs and attracting the younger generation involves diving into social media and posting materials tailored to appeal to those markets.
Two years ago, the association launched a six-month digital marketing ad campaign aimed at reintroducing UITFs in the market from July to December 2023. The series featured witty captions, posts, and videos explaining various financial topics such as setting financial goals, making smart investments, understanding class assets, and debunking myths about the industry.
Similarly, TOAP is committed to advocating for responsible investing practices to align investments with its environmental, social, and governance (ESG) criteria. In this regard, the association actively promotes the Personal Equity and Retirement Account (PERA) Act of 2008, a voluntary retirement savings program that supplements the existing retirement benefits from the Social Security System (SSS) and the Government Service Insurance System.
Additionally, TOAP consistently gives back to nature as evidenced by its corporate social responsibility programs. Last year, the association helped restore the environment, plant trees, and connect with the Dumagat indigenous community during the TOAP’s Green CSR Day at the Mount Purro Nature Reserve.
Efforts on deploying customer relationship management (CRM) systems, conducting client feedback surveys, and offering educational resources are also eyed by the TOAP to help clients make informed financial decisions and have better overall financial service experience.
Building on these mission, vision, and objectives, the TOAP holds several programs that promote and encourage savings and investments as well as stages various symposia and conferences where regulations and current issues are discussed to ensure that the industry can progressively evolve in the best interest of the investing public.
Chief among them is the association’s annual TOAP Summit where industry leaders gather to connect, discuss trends, and explore the future of fintech in the trust and asset management sector. Held during the week of the association’s anniversary, the summit’s previous edition had the theme “Trust: Balancing Wealth and Global Accountability.”
The Asia Pacific Association for Fiduciary Studies (APAFS) Pacific Region Investment Conference, co-hosted by the TOAP, is another event that advances the association’s advocacy of financial literacy and empowering investors. Last year, APAFs held the event at the peak of the 2024 Fiduciary Events Week in Manila to serve as a valuable platform for networking with fellow fiduciaries across the region. The 2025 Fiduciary Events Week will be on Nov. 17-21, and within this week the 23rd Annual Pacific Region Investment Conference will take place on Nov. 20-21.
Serving the country for more than 60 years, the TOAP has driven growth and created a more inclusive financial industry in the Philippines. By pushing for digital transformation, responsible investing, and enhanced customer engagement, the association hopes to advance the sector further and take the trust, fiduciary, and asset management industry in the Philippines to new heights.
This article is in the special edition of BusinessWorld In-Depth digital magazine, in celebration of Trust Consciousness Week. To get the full issue for FREE, visit https://bworld-x.com/product-category/bw-in-depth-industry-report.
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