Digital bank Maya is considering an initial public offering in the United States in the second half of 2026 to tap deeper capital markets, PLDT chairman Manuel V. Pangilinan said on Wednesday.
Pangilinan told reporters on the sidelines of a Manila Electric Co. financial briefing that while foreign shareholders are pushing for a US listing, he is insisting on a dual listing to include the local market. A Bloomberg report indicated the offering could raise up to $1 billion.
The proposed deal is expected to include a primary tranche of new capital and a secondary sale of existing shares. Pangilinan noted that PLDT and First Pacific, which together hold a 39.6-percent stake in the digital lender, do not intend to sell their holdings.
“We’re not sellers in the secondary market, and we want preemptive rights to the new shares to maintain our stake,” Pangilinan said.
He said the companies are prepared to subscribe to any untaken portion of the primary offering.
While the target for the listing is the latter half of 2026, Pangilinan cautioned that the timeline is not yet definitive. “The US will be first because that’s a deeper market to raise money for this type of business,” he said, noting however that “it doesn’t mean it will happen” exactly on that schedule.
The IPO considerations follow a period of growth for the digital platform. Maya Group reported a net income of P532 million in the third quarter of 2025, supported by increased savings activity and cost management.
The bank’s customer base reached 9 million by the end of September 2025, with deposit balances growing 59 percent year on year to P157 billion. The lender has also seen its borrower base expand to 2.4 million people.
Since the launch of Maya Bank, total loan disbursements have reached P187 billion as the firm continues to expand its ecosystem across consumer and enterprise sectors.
.
