Sees P185B capital funds raised vs P120B goal
The Philippine Stock Exchange (PSE) said it is on track to raising at least P185 billion in capital funds this year, well above its P120 billion 2025 target, as capital market activity is expected to gain further momentum in the second half.
PSE President Ramon Monzon said the bourse has already raised P62.6 billion as of July, covering one initial public offering (IPO), two follow-on offerings, and six private placements.
Among others, recent fundraisers included the IPO of Top Line Business Development Corp. (P732.6 million), Megawide Construction Corp.’s Series 6 preferred shares (P5.3 billion), and Ayala Corp.’s Series B preferred shares (P20 billion).
“For the second half, based on applications received, we expect an additional P123.7 billion,” Monzon said, citing two upcoming IPOs, two follow-on offerings, one stock rights offer, and a convertible warrant listing. “We’ll likely reach at least P185 billion — possibly more if new filings come in this quarter.”
Among the anticipated listings are Hann Resorts, which is eyeing as much as P12.98 billion, and Maynilad Water Services Inc., which plans to launch its P45.78-billion IPO in October.
“Other than those two, no formal filings yet, but we hear from underwriters that more are in the works,” Monzon said.
PSE reappoints 15-member board
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Separately, the PSE announced the reappointment of its 15-member Board of Directors following its annual shareholders meeting.
The board includes a president-director, up to five broker directors, at least five independent directors, and four sectoral directors representing market constituencies.
Re-elected were Jose Pardo as chairman and Ramon Monzon as president and CEO.
“The fresh mandate will sustain reforms we’ve begun to attract listings and boost market liquidity,” Pardo said.
Independent directors include Pardo, retired Chief Justice Teresita Leonardo-De Castro, Peter Favila, Andrew Jerome Gan, and Vicente Panlilio. Broker directors are Diosdado Arroyo, Eddie Gobing, Anthony Te, Wilson Sy, and Ma. Vivian Yuchengco.
Sectoral directors are Marilyn Victorio-Aquino (issuers), Ferdinand Constantino and Jose Arnulfo Veloso (investors), and Edgardo Lacson (other participants).
Pardo said the board will also steer efforts to integrate the PSE and the Philippine Dealing System Holdings Corp., a move seen to advance the capital market’s long-term development.
