PSE’s capital-raising target hiked to P204B

THE PHILIPPINE Stock Exchange (PSE) expects companies to raise about P204 billion through the capital market in 2026, based on applications received so far, exceeding its initial target of P170 billion.

At a media briefing on Saturday, PSE President and Chief Executive Officer Ramon S. Monzon said the revised forecast is backed by applications received to date for initial public offerings (IPOs), preferred share offerings, and private placements.

“Our projected capital raising for 2026, as of this date, based on the applications that we have received, is about P204 billion. So, we exceeded our optimistic target of P170 billion that we gave at the beginning of the year. And that’s a very good sign for the exchange,” Mr. Monzon said.

The PSE had earlier set a capital-raising target of P170 billion to P175 billion this year despite market turmoil arising from the Middle East conflict and flood control mess. This was higher than the P144.14 billion raised in 2025.

For the first half of 2026, Mr. Monzon said the PSE raised about P39.4 billion through two private placements and follow-on offerings of preferred shares.

“I’m happy to report that for the first half of the year, we raised about P39.4 billion from two private placements and some follow-on offerings of preferred shares,” he said.

Mr. Monzon said the exchange has so far received applications for two IPOs this year, namely, VITRO, Inc. and Mynt Inc.

VITRO, PLDT Inc.’s data center arm, has filed an application for what could become the country’s first digital infrastructure real estate investment trust (REIT). It is targeting to raise up to P24.2 billion.

Mynt, the operator of e-wallet giant GCash, filed for a proposed IPO that could raise as much as P92.3 billion. It is looking to debut on the PSE in the fourth quarter.

According to Mr. Monzon, a P30-billion preferred share follow-on offering by San Miguel Corp. (SMC) is also in the pipeline this year.

Mr. Monzon said there is also a P9-billion preferred share listing by a company whose common shares are not listed on the exchange, as well as another P4-billion private placement of preferred shares.

For 2027, Mr. Monzon said the PSE is monitoring a potential merger of the toll road businesses of SMC and Metro Pacific Investments Corp. (MPIC).

“What do I look forward to in 2027? I keep hearing — and I’m hearing this from the principals; this is not a rumor — that there are ongoing talks to merge the San Miguel and the Metro Pacific tollways. And when that happens, I think they will be going to the market to raise capital,” he said.

MPIC Chairman Manuel V. Pangilinan said in June that he expects Metro Pacific Tollways Corp.’s merger with SMC to be completed by the third quarter. SMC is likely to emerge with a majority stake in the combined tollway business.

Mr. Monzon also said four companies under the PSE’s Listing Engagement and Assistance Program (LEAP) are expected to be ready to conduct their IPOs next year.

“We have four there that we have been meeting regularly, and I think they’re ready and prepared to do an IPO next year,” he said.

LEAP is the PSE’s listing assistance program for companies considering an IPO. It provides advisory sessions, pre-listing assessment tools, and connections to IPO advisers at no cost.

PSE BOARD
Also on Saturday, the PSE Board elected three new directors, and re-elected Mr. Monzon as president and CEO and Jose T. Pardo as its chair.

Asian Institute of Management (AIM) President and Dean Jikyeong Kang and Dutch technology expert Niek Johan van Veen were elected as independent directors. Lorenzo Andres “Randy” Roxas, president of Philippine Equity Partners, Inc., was elected as regular director.

Mr. Monzon said Ms. Kang’s international expertise will bring some “good parts of governance to the Exchange,” while Mr. van Veen’s over 20 years of expertise in information technology and artificial intelligence across Southeast Asia and Europe would support the PSE’s information technology and artificial intelligence (AI) initiatives.

“We really sought out a director who could guide PSE in its IT and AI journey, and I think Niek van Veen will fill those shoes,” he said. — Alexandria Grace C. Magno