PSE sees listing momentum holding up 

MANILA, Philippines — The Philippine Stock Exchange (PSE) expects its healthier listing pipeline to hold up as companies continue to seek fresh capital, although market volatility and economic uncertainties could affect the timing of fundraising plans.

On Monday, PSE president and CEO Ramon Monzon said companies would eventually have to tap the equities market to finance their expansion and operations, even if unfavorable market conditions force some to postpone their plans.

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“Companies will continue to need capital,” Monzon said. “So they will continue to try to raise capital in the equities market.”

“Sometimes these efforts are postponed because of the volatility of the market. But inevitably, they will have to come back and raise capital,” he added.

This comes as the PSE expects capital raising to reach about P203.4 billion this year, exceeding its original P170-billion target and the P128 billion raised in 2025.

Monzon said the exchange expects two more initial public offerings (IPOs) this year—Mynt, operator of GCash, and Vitro—along with the listing by way of introduction of PNB Holdings scheduled for September.

Monzon acknowledged that the PSE cannot control external risks that could weigh on investor confidence and companies’ fundraising plans.

Instead, he said the exchange would focus on modernizing its technology, introducing more investment products and attracting more retail investors to deepen the Philippine capital market.

“The best way to deepen the market really is to have more products,” Monzon said.

Among the PSE’s initiatives are global depositary receipts and efforts to strengthen securities borrowing and lending and short selling.

Monzon said the exchange was working on direct pool lending by foreign investors to improve liquidity in the securities borrowing and lending market.

Short selling, meanwhile, is being developed particularly for foreign investors seeking a way to hedge their Philippine holdings rather than liquidating positions during periods of market stress.

The PSE is also seeking to broaden retail participation, particularly through the potential GCash IPO.

READ: GCash, Vitro seen ending PH IPO drought

Monzon said that GCash has more than 90 million subscribers, while its existing tie-up with the e-wallet allows users to invest directly in stocks.

The exchange hopes participation in the IPO could encourage more Filipinos to venture further into stock investing.

For foreign investors, however, Monzon said confidence remains critical.

“We really have to build up their confidence, not only in the market, but the whole Philippine economy,” he said. INQ