By Alexandria Grace C. Magno, Reporter
THE Philippine Stock Exchange’s (PSE) decision to lift its capital-raising goal for 2026, based on applications received up to now, suggests corporations have gotten more willing to tap the domestic equity marketplace for growth capital, although structural challenges proceed to constrain the local capital market, analysts said.
“The PSE’s decision to lift its capital-raising goal reflects a noticeable improvement in issuer confidence and suggests that corporate sentiment toward the domestic capital market is becoming more constructive,” Toby Allan C. Arce, head of sales trading at Globalinks Securities and Stocks, Inc., said in a Viber message on Tuesday.
“It indicates that corporations are increasingly willing to access the equity marketplace for growth capital relatively than relying solely on bank financing or private funding,” he added.
The PSE expects corporations to lift about P204 billion through the capital market in 2026, based on applications received up to now, exceeding its initial goal of P170 billion.
PSE President and Chief Executive Officer Ramon S. Monzon said the revised forecast reflects applications received up to now for initial public offerings (IPOs), preferred share offerings, and personal placements.
The exchange has up to now received applications for 2 IPOs this yr: VITRO, Inc. and Mynt, Inc.
VITRO, PLDT Inc.’s data center arm, has filed an application for what could turn out to be the country’s first digital infrastructure real estate investment trust (REIT). It’s looking for to lift as much as P24.2 billion.
Mynt, the operator of e-wallet GCash, has filed for an IPO that would raise as much as P92.3 billion. The corporate is targeting a fourth-quarter debut on the PSE.
Mr. Monzon said a P30-billion preferred share follow-on offering by San Miguel Corp. (SMC) can be within the pipeline this yr.
He added that the exchange has received applications for a P9-billion preferred share listing by an organization whose common shares are usually not listed on the PSE, in addition to a P4-billion private placement of preferred shares.
Mr. Arce said the stronger pipeline of IPOs, follow-on offerings, and other equity issuances suggests corporations imagine market conditions are supportive enough to secure acceptable valuations and investor demand.
“While this doesn’t necessarily imply a broad-based recovery within the stock market, it does indicate that corporate boards and shareholders see a more favorable fundraising environment than they did lately,” he said.
Mr. Arce cautioned that the stronger fundraising pipeline doesn’t mean the domestic capital market’s longstanding challenges have disappeared.
“If the present pipeline is successfully executed, it could mark the start of a healthier capital formation cycle characterised by more IPOs, increased follow-on offerings, and greater investor participation,” he said.
“While one strong fundraising yr alone won’t address long-standing issues equivalent to liquidity and limited market depth, sustained success in attracting quality issuers would represent a vital step toward strengthening the Philippine capital market and restoring its role as a primary source of long-term financing for growing corporations.”
Meanwhile, Investment & Capital Corp. of the Philippines President and Chief Operating Officer Jesus Mariano P. Ocampo said the PSE’s roughly P200-billion capital-raising goal is basically driven by the planned offerings of GCash, VITRO REIT, and the listing by means of introduction of PNB Holdings Corp. (PHC).
“GCash and VITRO are in process already,” he said in a Viber message, adding that the timing of the PNB Holdings listing stays uncertain.
Mr. Ocampo said the important thing query for the yr’s largest equity offerings is whether or not investors will accept their valuations.
“My only worry is whether or not the markets will accept their valuations,” he said.
He said VITRO REIT is more likely to be evaluated totally on its dividend yield, while GCash is predicted to be assessed on its growth prospects, particularly its lending business.
“That is ‘recent territory’ for GCash. Their only advantage versus other lending fintechs is that prospective borrowers are already on their platform,” he said.
Philippine National Bank (PNB) said on Monday that its property arm PHC continues to arrange for its proposed listing by introduction on the PSE, although the timing of the transaction stays under review.
PNB said PHC is undertaking documentation and other preparatory requirements for the proposed listing, including coordination with the PSE and other regulators.
The PSE earlier set a P170-billion capital-raising goal for 2026 despite market volatility arising from the Middle East conflict and issues surrounding flood control projects. The goal exceeded the P144.14 billion raised in 2025.
In the primary half of 2026, the PSE raised about P39.4 billion through two private placements and preferred share follow-on offerings, Mr. Monzon said.
Mynt, a partnership amongst Globe Telecom, Inc., Ayala Corp., and Ant International, operates GCash through its wholly owned subsidiary, G-Xchange, Inc., and provides lending services through Fuse Financing, Inc.
Hastings Holdings, Inc., a unit of the PLDT Useful Trust Fund subsidiary MediaQuest Holdings, Inc., holds a majority stake in BusinessWorld through the Philippine Star Group, which it controls.