The Philippine Stock Exchange (PSE) is setting a limited target of as many as four initial public offerings (IPOs) this year, emphasizing a cautious path for stock capitalization after listings fell short of expectations last year.
“We are targeting only four IPOs this year,” PSE President and Chief Executive Offcer Ramon S. Monzon told reporters on Friday.
Mr. Monzon said that the local bank aims to collect about P170 billion to P175 billion this year. This would be higher than the P144.14 billion in revenue collected by 2025.
The goal follows the weak exit of the IPO in 2025, when only two companiesthey were counted despite the target of six.
Cebu-based fuel distributor and convenience store Top Line Business Development Corp. started in April, while the West Zone water company Maynilad Water Services, Inc. com.completed its offering in November.
Mr. Monzon said that among the IPOs they expect this year are the electronic wallet platform GCash and the listing of PNB Holdings Corp. (PHC) for presentation.
“I don’t know if PNB will be the best, (or) maybe Globe will be the best,” he said. “I think GCash will file soon, maybe not in the first quarter, [maybe] if the revised float is passed,” added Mr. Monzon.
The Securities and Exchange Commission (SEC) is set to ease the minimum public ownership requirement for IPOs, paving the way for the long-awaited GCash. Under the proposed rules, companies with a market capitalization of more than P150 billion like Mynt will need a public float of at least 12%.
Globe Fintech Innovations, Inc. (Mynt), which operates GCash, has been pushing the SEC to lower the minimum public ownership requirement as the current 20% public float may be too large for the stock market to absorb.
There were plans for a GCash IPO last year, but the stock market downturn forced the company to postpone the IPO that was planned for this year.
Bloomberg News previously reported that the company is looking to raise $1 billion (P59.3 billion) to $1.5 billion (P89 billion) from the IPO.
On the other hand, PHC, a subsidiary of LT Group, Inc., filed an application for the registration of its shares with the SEC, in preparation for the proposed listing.
An initial public offering allows a company to list its shares on a stock exchange without raising capital immediately. This method is suitable for situations where the issuer distributes the securities of an unlisted donor as a prop.erty to its shareholders.
Last year, several companies shelved their IPO plans including Hann Holdings, Inc., SM Prime Holdings’ investment trust and Razon led by Prime Infrastructure Capital, Inc.
A MATTER OF TRUST
Meanwhile, Mr. Monzon said stock market declines in 2025 could be attributed to “confidence issues,” as a corruption scandal involving flood control projects has rocked the public. and investor confidence.
“The issue of corruption must be resolved,” said the PSE official.
The PSE index (PSEi) closed 2025 at 6,052.92, down 7.29% from the end of 2024. On Nov. 14, the PSEi fell to 5,584.35, the weakest in nearly five and a half years or since closing at 5,570.22 on May 28, 2020.
Mr. Monzon said there should be maximum arrests related to the flood management scandal.
“They must… arrest some people as they have revealed that they will present a strong message about improved governance, improved transparency,” he said.
The Independent Infrastructure Commission investigates the claims made by the governmentficials, legislators, and contractors have invested billions in flood control projects in an unprecedented manner. – AGC Magno
