The Philippine Stock Exchange, Inc. (PSE) reported a banner year for capital formation in 2025, with total capital raised from primary and secondary shares, as well as warrants, surging by 75.00 percent to Php 144.14 billion. This represents a significant increase from the Php 82.37 billion raised in 2024.
The Exchange successfully facilitated various fund-raising activities throughout the year, underscored by:
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Two Initial Public Offerings (IPOs): Top Line Business Development Corp. and Maynilad Water Services, Inc.
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Eight Follow-on Offerings.
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14 Private Placements.
Liquidity also saw a healthy uptick, with the daily average value turnover rising to Php 7.33 billion, a 20.10 percent increase from the previous year’s Php 6.10 billion.
While the benchmark PSE index (PSEi) faced headwinds—closing at 6,052.92 points (down 7.29 percent year-to-date)—other key indices demonstrated resilience.
| Index | Year-on-Year Change |
| PSE MidCap Index | +20.17% |
| PSE DivY (Dividend) Index | +2.37% |
| Mining & Oil Sector | +92.34% |
| Services Sector | Positive Growth |
The Mining & Oil index emerged as the year’s top performer, followed closely by the Services sector. Conversely, domestic market capitalization saw a 6.29 percent decline to Php 13.65 trillion, and the market recorded Php 51.78 billion in net foreign selling.
PSE President and CEO Mr. Ramon S. Monzon attributed the PSEi’s volatility to broader macroeconomic challenges, including a deteriorating Peso, a disappointing third-quarter GDP performance, and concerns regarding transparency. “The PSEi’s decline this year is not just about numbers—it’s about trust and confidence,” said Mr. Monzon. “However, there are significant positives for 2026. Listed company earnings are poised for growth, making valuations and dividend yields highly attractive. With looming changes in REIT rules and IPO float requirements, we expect a more vibrant listing environment.”
Mr. Monzon emphasized that government efforts to improve governance and accountability remain the key catalyst for the market to become one of the region’s top performers in the coming year.
