The Philippine Stock Exchange is aiming to more than double capital raising activities to P170 billion in 2025, even if the much-awaited initial public offering of e-wallet giant GCash does not push through this year.
This target represents a 106 percent increase from the P82.4 billion raised in 2024 and is higher than the P120 billion initial target for this year.
“We expect this year to be a very, very high capital raising year—a very successful year for PSE,” PSE president and chief executive Ramon Monzon said in a recent investors briefing.
“Even without GCash, we’re talking about a target of about P170 billion of capital raising,” he said.
Capital-raising activities have already generated P42.42 billion from one IPO, one follow-on offering and five private placements as of mid-May.
More deals are in the pipeline, including the IPO of Maynilad Water Services, stock rights offering of ACEN Corp., and follow-on offerings from Ayala Corp. and Alliance Global Group.
In terms of new products, the PSE is preparing to launch derivatives by 2026. It is also amending exchange-traded fund rules to support new fund structures, including those that track foreign securities and commodities like cryptocurrencies and gold.
The PSE is also awaiting the passage of the Capital Markets Efficiency Promotion Act, which seeks to cut the stock transaction tax from 0.6 percent to 0.1 percent and reduce the documentary stamp tax, aiming to boost market liquidity.
With its acquisition of PDS nearly complete and expansion efforts in full swing, Monzon expressed confidence in the exchange’s future.
“We are the only equities and fixed income exchange in the Philippines… The PSE has a strong potential for growth, even greater now with our acquisition of PDS,” he said.
Meanwhile, the PSE also reported that net income for the first quarter of the year grew 5.1 percent to 254.6 million, while operating revenues surged 83 percent year-on-year to P645.49 million.
Trading-related revenues saw a sharp increase, now accounting for the largest share of operating income, largely due to the acquisition of the Philippine Dealing System Holdings Corp.
