THE Philippine Stock Exchange (PSE) said it stays firm on its P170-billion capital-raising goal this yr despite global market uncertainties linked to the conflict within the Middle East.
“I’m still firm with my P170-billion capital raising,” PSE President and Chief Executive Officer Ramon S. Monzon told reporters on the sidelines of the PSE’s InvestPH conference on Tuesday.
Earlier this yr, the Exchange said it goals to boost around P170 billion to P175 billion in capital, higher than the P144.14 billion raised in 2025.
Mr. Monzon said reforms corresponding to the brand new real estate investment trust (REIT) law are expected to spur more REIT listings and follow-on offerings, although he noted these are unlikely within the near term given prevailing market conditions.
“Not at once. I mean, in fact, I hope this conflict will stop in the subsequent two months or something,” he said.
In an interview with Bloomberg, Mr. Monzon expressed optimism concerning the Exchange meeting its capital-raising goal.
“I believe this continues to be on the right track. I mean, we’re still, you already know, specializing in having no less than 4 IPOs, two big ones. And I even — I assume I’m being overly optimistic — but I believe we would exceed that,” he said.
Aside from the capital-raising goal, the Exchange also set a modest goal of about 4 initial public offerings (IPOs) in 2026.
The PSE earlier named the electronic wallet platform GCash and PNB Holdings Corp.’s (PHC) listing by means of introduction as anticipated listings for the yr.
When asked about potential large listings, Mr. Monzon cited GCash. “After all, everybody’s GCash for the mega listing,” he said.
He also said the Exchange expects a significant follow-on offering from one other firm, reasonably than an IPO.
Market analysts said the PSE’s P170-billion goal is achievable but relies on market conditions.
“The P170-billion goal of the PSE is achievable but still leans optimistic,” F. Yap Securities Investment Analyst Marky Carunungan said in a Viber message.
“Last yr already showed the execution risk; only two IPOs pushed through versus a six-deal goal, highlighting how sensitive listings are to market conditions. While the pipeline this yr looks stronger, delivery will ultimately rely on investor confidence and market stability,” he added.
Investment & Capital Corp. of the Philippines President and Chief Operating Officer Jesus Mariano P. Ocampo said the goal may very well be met if key deals proceed, noting that if three big-ticket items — corresponding to GCash, possibly Maya, and one or two infrastructure-related projects — move forward. “Yes, achievable,” he said.
“On the Exchange, we don’t look a lot on the IPOs, but more on the capital raise. We take our mission of being a platform for capital raising very seriously,” Mr. Monzon said.
He added that while a couple of large IPOs is perhaps within the pipeline, the Exchange is pushing for more small and medium-sized enterprise (SME) listings in the approaching years to assist firms raise capital and broaden investor participation.
“Going to 2027, 2028, we’re really pushing more SMEs listing — get more people to or more firms to boost capital out there,” he said.
In 2025, the PSE raised P144.14 billion in capital, up 75% from P82.37 billion a yr earlier, through primary and secondary share sales and warrants.
Throughout the yr, it recorded two IPOs (Top Line Business Development Corp. and Maynilad Water Services, Inc.), eight follow-on offerings, and 14 private placements. — Alexandria Grace C. Magno