FTSE drops BPI, SM to mid cap roster

Bank of the Philippine Islands (BPI) and SM Prime Holdings Inc. will move down to the Mid Cap segment of the FTSE Global Equity Index Series (GEIS) following its latest semiannual review.

The FTSE September 2026 review for Asia Pacific, excluding Japan and China, showed both companies being excluded from the Large Cap segment and included in Mid Cap.

Meanwhile, Converge Information and Communications Technology Solutions Inc. and Megaworld Corp. were moved from Mid Cap to Small Cap.

Emperador Inc. will join them in the Small Cap segment after being added in the latest review.

Unlike Converge and Megaworld, which were reclassified from Mid Cap, Emperador was listed as an “add to small.” The inclusion marks Emperador’s return to the FTSE GEIS universe.

Still, Trading Edge chief investment strategist Ron Acoba played down the significance of changes involving the smaller index segments.

Acoba said there are “hardly any tracker funds” that mirror the Small Cap indices, particularly those under FTSE.

Tracker funds, he noted, are mostly centered on the main or Large Cap indices.

As such, changes in the Small Cap and Micro Cap segments are unlikely to have a significant impact on the affected stocks, he said.

Bloomberry Resorts Corp. and Cebu Air Inc., operator of Cebu Pacific, will leave the Small Cap segment after failing the investable market capitalization requirement, according to the FTSE data.

Cebu Air, however, will move into the Micro Cap segment.

Several other Philippine companies will also join the Micro Cap group.

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These include Alliance Global Group, Apex Mining, Bloomberry Resorts, DDMP REIT, OceanaGold Philippines and RFM.

Alpha Integrated REIT Management, which FTSE classified under Singapore, was also added to the Micro Cap segment.

The changes form part of FTSE Russell’s September 2026 semiannual review of the Asia-Pacific region, excluding Japan and China.

FTSE GEIS covers large-, mid-, small- and micro-cap securities across developed and emerging markets.

Under FTSE’s methodology, companies are ranked by market capitalization and undergo investability screens before being assigned to size segments.

FTSE conducts full regional universe and liquidity reviews semiannually in March and September, while review-driven changes are implemented after the close on the third Friday of the review month.