The Philippine Stock Exchange expects “mega” initial public offerings (IPO) to proceed this year despite global uncertainties, maintaining its P170-billion capital raising target as large listings remain in the pipeline.
PSE president and chief executive Ramon Monzon said the exchange is keeping its goal as follow-on offerings, preferred shares and real estate investment trust (REIT) listings bolster the outlook.
“We are expecting a big REIT offering,” Monzon said, but he did not identify the specific company.
“I’m still firm with my P170 billion target capital raising,” he said.
Market speculation suggests telecommunications giant PLDT Inc. is considering an REIT offering for its data center business, while e-wallet provider GCash is reportedly planning an IPO in the second half of the year.
The local bourse had been on a recovery path prior to Middle East tensions, with the benchmark index rising 9.2 percent in the first two months of the year. By Feb. 27, the index closed at 6,611, which Monzon noted was just 1.6 percent shy of entering bull market territory.
Foreign fund flows also showed signs of rebounding. Net outflows of P51.2 billion in 2025 reversed into net inflows of P26.2 billion during the same period. However, Monzon said developments on Feb. 28 disrupted this upward momentum, highlighting persistent external risks.
To deepen the capital market, the exchange is pushing for the rollout of Global Philippine Depositary Receipts, derivatives and structured products to attract sophisticated and foreign investors.
The exchange is also investing in technology upgrades, including a new trading engine and disclosure platform expected to go live within two years.
The bourse is further studying the creation of a dedicated board for financial technology firms. Monzon said easing regulations and accelerating digital transformation are key to long-term growth.
“The goal is to transform the Philippine capital market into a platform that is not only strong but also inclusive for every kind of investor,” Monzon said.
