PSE firm on P170-B capital-raising target despite market uncertainties

THE Philippine Stock Exchange (PSE) said it remains firm on its P170-billion capital-raising target this year despite global market uncertainties linked to the conflict in 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 year, the Exchange said it aims to raise around P170 billion to P175 billion in capital, higher than the P144.14 billion raised in 2025.

Mr. Monzon said reforms such as the new real estate investment trust (REIT) law are expected to spur more REIT listings and follow-on offerings, although he noted these are unlikely in the near term given prevailing market conditions.

“Not right now. I mean, of course, I hope this conflict will stop in the next two months or something,” he said.

In an interview with Bloomberg, Mr. Monzon expressed optimism about the Exchange meeting its capital-raising target.

“I think this is still on track. I mean, we are still, you know, focusing on having at least four IPOs, two big ones. And I even — I guess I’m being overly optimistic — but I think we might exceed that,” he said.

Apart from the capital-raising target, the Exchange also set a modest goal of about four initial public offerings (IPOs) in 2026.

The PSE earlier named the electronic wallet platform GCash and PNB Holdings Corp.’s (PHC) listing by way of introduction as anticipated listings for the year.

When asked about potential large listings, Mr. Monzon cited GCash. “Of course, everybody’s looking at GCash for the mega listing,” he said.

He also said the Exchange expects a major follow-on offering from another firm, rather than an IPO.

Market analysts said the PSE’s P170-billion target is achievable but depends on market conditions.

“The P170-billion target of the PSE is achievable but still leans optimistic,” F. Yap Securities Investment Analyst Marky Carunungan said in a Viber message.

“Last year already showed the execution risk; only two IPOs pushed through versus a six-deal target, highlighting how sensitive listings are to market conditions. While the pipeline this year looks stronger, delivery will ultimately depend 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 target could be met if key deals proceed, noting that if three big-ticket items — such as GCash, possibly Maya, and one or two infrastructure-related projects — move forward. “Yes, achievable,” he said.

“At the Exchange, we don’t look so much at the IPOs, but more at the capital raise. We take our mission of being a platform for capital raising very seriously,” Mr. Monzon said.

He added that while a few large IPOs might be in the pipeline, the Exchange is pushing for more small and medium-sized enterprise (SME) listings in the coming years to help companies raise capital and broaden investor participation.

“Going to 2027, 2028, we’re really pushing more SMEs listing — get more people to or more companies to raise capital in the market,” he said.

In 2025, the PSE raised P144.14 billion in capital, up 75% from P82.37 billion a year earlier, through primary and secondary share sales and warrants.

During the year, 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