IPO lineup intact despite global oil shock, says PSE chief
The lineup of companies planning to go public in the Philippines remains intact despite recent market turbulence triggered by rising oil prices and geopolitical tensions, according to the head of the Philippine Stock Exchange (PSE).
In an interview with CNBC, Ramon Monzon, president and CEO of PSE, said the recent sell-off in local equities has weighed down investor sentiment but has not derailed planned listings.
Monzon said the local market, like many others globally, was hit sharply when oil prices briefly surged past $100 per barrel earlier this month.
He said the Philippines is particularly sensitive to oil price movements as the country imports about 96 percent of its fuel needs, making energy costs a key driver of inflation and market sentiment.
The spike in oil prices also coincided with a sharp decline in the main stock index, which fell from around the 6,600 level to near 6,000 in recent weeks.
Still, Monzon said the exchange remains optimistic that planned initial public offerings (IPOs) will proceed.
“As far as the Maya listing is concerned, I think that’s still on,” Monzon said. HE noted that the digital banking arm of PLDT Inc. is still planning a possible market debut in the third quarter of the year.
Meanwhile, discussions are also underway for a potential listing of GCash, one of the country’s largest mobile wallet platforms.
Monzon said that to facilitate such large listings, the PSE and its regulator, the Securities and Exchange Commission, have introduced rules allowing companies with very large market capitalizations to list with a lower public float requirement of as little as 12 percent instead of the usual 20 percent.
Despite the recent volatility, Monzon said foreign investors remain active in the local market.
After recording net foreign selling of about P51 billion in 2025, the market saw a turnaround earlier this year with a net foreign buying of around P25.3 billion in January and February.
Although some selling resumed following the latest geopolitical tensions, the exchange still recorded net foreign inflows of about P23.5 billion so far this year.
Looking ahead, Monzon said the direction of the Philippine market will largely depend on how long the Middle East conflict lasts.
If tensions ease in the coming weeks, he said the recent market decline could prove temporary, allowing the market to recover and continue the upward momentum it had been building before the latest geopolitical shock.
