Total corporate funds raised from the local bond market rose more than 25 percent in 2025 to P454.19 billion as easing interest rates lured more companies to fund expansion plans.
A total of 24 companies listed corporate bonds on the Philippine Dealing & Exchange Corp. in 2025, including maiden issuances from Maynilad Water Services Inc., Metro Pacific Tollways Corp. and Toyota Financial Services Philippines.
While the P454.19 billion total was a 25.38 percent increase from the P362.23 billion raised the previous year, the figure fell short of the P600 billion projected at the start of the year.
During the year, PDEx listed its largest corporate bond issuance to date, a P115 billion offering from BDO Unibank Inc.
The fixed-rate ASEAN Sustainability bond due 2027 was issued in July and grew to 23 times its original P5 billion size due to strong demand from institutional and retail buyers.
Several companies also issued thematic bonds, including Bank of the Philippine Islands’ P40 billion in SINAG (Supporting Inclusion, Nature and Growth) bonds, Ayala Land Inc.’s P15 billion in sustainability bonds, Maynilad’s P15 billion in blue bonds and Cebu Landmasters’ P4 billion in sustainability-linked bonds. Other capital raises included a record P32 billion from Petron Corp., P41 billion from SM Prime Holdings across two issuances and P21 billion in fixed-rate bonds from Security Bank Corp.
For 2026, several companies have expressed interest in tapping the bond market. These include Haus Talk Inc., which plans to issue P1 billion in its maiden bond offering, and Land Bank of the Philippines, which plans to offer sustainability bonds by the first quarter of 2026 to fund national development projects.
Additionally, companies with maturing bonds this year may consider issuing new debt to repay maturing obligations or to refinance debt originally issued at higher interest rates. Total corporate debt instruments on PDEx currently stand at P1.3 trillion, representing 164 securities from 42 companies.
