THE Philippine Stock Exchange, Inc. said capital raised from the sale of primary and secondary shares and warrants surged 75 percent in 2025 to P144.14 billion ($2.6 billion), even as the benchmark index ended the year lower amid persistent foreign selling.
The exchange hosted two initial public offerings this year — Top Line Business Development Corp. and Maynilad Water Services, Inc. — alongside eight follow-on offerings and 14 private placements, it said.
The main index closed at 6,052.92 points, down 0.21 percent on the day and 7.29 percent for the year. By contrast, the MidCap and dividend indices posted gains of 20.17 percent and 2.37 percent year-on-year, respectively.
Average daily value turnover rose 20.10 percent to P7.33 billion, while domestic market capitalization fell 6.29 percent to P13.65 trillion at year-end. The market logged net foreign selling of P51.78 billion in 2025.
By sector, Mining & Oil led advances, jumping 92.34 percent, followed by Services.
“The PSEi’s decline this year is not just about numbers — it’s about trust and confidence,” Ramon S. Monzon, the exchange’s president and chief executive, said. He cited a corruption scandal, peso weakness and a soft third-quarter gross domestic product print as weighing on sentiment and driving foreign outflows.
Looking ahead, Monzon said corporate earnings growth, attractive valuations and dividends, as well as prospective changes to REIT rules and IPO float requirements, could spur listings and support performance in 2026 if governance reforms gain traction. / KOC