The Philippine Stock Exchange (PSE) posted a 24.5 percent increase in first-half net income, largely traced to the consolidation into its operation of the Philippine Dealing System Holdings Corp. (PDSHC) and strong gains from trading and listing-related fees.
In a disclosure, the PSE reported P495.7 million in net income for the first six months of 2025, up from P398 million in the same period last year.
“This growth was primarily driven by the acquisition of a controlling stake in PDSHC, which boosted revenues across subsidiaries,” the PSE said.
Operating revenues surged 82 percent to P1.32 billion from P722.7 million a year earlier.
The bulk of the increase came from: trading-related fees via PDS subsidiaries; listing-related fees, which climbed 57 percent (additional listings) and 43 percent (maintenance fees); depository fees from the Philippine Depository & Trust Corp., which added P282.4 million to the top line.
Total expenses also rose sharply — up 70 percent — while other income fell 58 percent, mainly due to foreign exchange losses and the accounting shift from equity investment to full consolidation of PDSHC.
“In the same period last year, we recorded equity income from PDSHC as an associate,” the PSE said. “But following the acquisition of additional interests from December 2024 through June 2025, PDSHC is now a subsidiary and no longer contributes equity income.”
Traders are optimistic that PSE’s earnings trajectory will continue to improve in the second half of 2025, given the recently implemented Capital Markets Efficiency Promotion Act (CMEPA).
“Lower transactional costs under CMEPA will bring in more liquidity,” Seth Pangan of Diversified Securities Inc. said. “We’re already seeing strong value turnover above P7 billion per session and renewed interest from foreign investors.”
Effective July 1, CMEPA slashed the stock transaction tax to 0.1 percent, from 0.6 percent, and reduced the documentary stamp tax on original share issues to 0.75 percent, from 1 percent, — a reform package widely welcomed by market participants.
