PSE targets more capital raising, IPOs in 2026

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January 12, 2026 | 12:00am

MANILA, Philippines — The Philippine Stock Exchange Inc. (PSE) sees sustained increase in capital-raising activities this year, with the number of companies going public expected to double from last year despite lingering issues affecting market confidence.

PSE president and CEO Ramon Monzon has set the exchange’s capital raising goal for the year between P170 billion and P175 billion.

“We raised about P140 billion last year. For 2026, I said give it a 20 percent to 25 percent increase. That’s my target,” he said.

In 2025, the PSE registered a 75-percent surge in total capital raised from the sale of primary and secondary shares and warrants to P144.14 billion from P82.37 billion raised in the previous year.

The PSE was originally projecting only P120 billion for capital-raising activities in 2025, but later on raised its target to P185 billion.

The PSE also had only two initial public offerings last year courtesy of Top Line Business Development Corp. and Maynilad Water Services. Inc. – lower than the six IPOs targeted for the year.

For 2026, Monzon said the PSE is hoping to see four IPOs, which include PNB Holdings Corp.’s listing by way of introduction and potentially the highly-anticipated market debut of e-wallet giant GCash.

“PNB Holdings, they’ve filed the listing already. They probably will be our first listing for 2026.  I think GCash will file soon. Maybe not the first quarter, but once the revised float is approved,” Monzon said.

“There are a few inquiries. I think it will all depend on how the market moves,” he said.

Monzon said that changes in real estate investment trusts (REIT) rules and IPO float requirements should result in more listings.

The Securities and Exchange Commission (SEC) issued last week the amended rules governing REITs, providing both issuers and investors with more opportunities to participate in the capital market through investments in real properties.

Monzon said the PSE is also working with the SEC on reducing the public float for an IPO.

The SEC released last month a draft circular which seeks to classify IPO-bound companies into five tiers based on their expected market value at the time of their IPO.

On top of these initiatives, Monzon said that the market should also be one of the best performing markets in the region this year should the government succeed in its drive to hold the corrupt accountable and institute real and lasting improvements in transparency and governance.

“What’s happening to our market is really a confidence issue. The corruption issue has to be resolved. They just have to, I guess, jail some people as they indicated,” Monzon said.

“You know, all we can do as an exchange is provide the means. We cannot dictate confidence. We cannot dictate trust. But what’s important is that our structure should be there. We should have short selling. We should have derivatives. Whether investors avail themselves of it or not, what is important is it is there. Whether we have low volume or not, our trading engine has to be the latest. That’s how I view the function of the exchange, which is to provide the platform,” he said.