THE Philippine Stock Exchange (PSE) is maintaining its capital-raising target of P170 billion for 2026 despite the uncertainties posed by the war in the Middle East, PSE President and CEO Ramon Monzon said.
Speaking on the sidelines of a forum on Tuesday, Monzon said the exchange is maintaining its capital-raising target in hopes that the Middle East conflict will ease in the coming months.
“I hope this conflict will stop in the next two months or something. We’re still OK,” he said, when asked whether the PSE would revise its targets given the global headwinds.
While large-scale initial public offerings (IPOs) may be delayed by market volatility, Monzon said that the exchange expects activity to be supported by real estate investment trusts (REITs) following new regulatory rules, as well as follow-on offerings and potential re-IPOs from other sectors.
A re-IPO refers to a significant follow-on offering or share sale by an already listed company, typically to boost its public float, comply with listing rules, or raise fresh capital.
“There’s a new REIT rule, so we expect a big REIT listing. Maybe there’s [going to be] a lot of re-IPOs, follow-on offerings,” Monzon said, adding that market conditions would ultimately determine which sectors would proceed with their listing plans.
While some firms may hold off on listing plans for now, the PSE chief expects investor confidence would return once hostilities in the Middle East de-escalate.
He also clarified that PNB Holdings Corp.’s planned listing by way of introduction, which would not require an immediate public sale of shares or the raising of new capital, is not included in the capital-raising target for the year.
The exchange is also studying the creation of a dedicated board for financial technology firms, similar to Nasdaq-style tech boards abroad, but Monzon acknowledged that structural challenges remain, including the need for market makers to support trading in companies without an established track record.
“To be able to launch a board like that, there needs to be market makers. ... But there’s nothing to buy. There’s no market,” he said.
Discussions with major brokerage firms, including multinational players, are ongoing, although no commitments have been secured, he added.
On reports that digital payments platform Maya may pursue a dual listing, Monzon said the exchange has not received any formal approach, noting that pursuing an overseas listing first could pose challenges in terms of scale and post-listing visibility.
