Despite uncertainties posed by United States (US) tariffs, the Philippine Stock Exchange’s (PSE) pipeline for capital to be raised at the bourse is getting more robust with the target for 2025 upgraded again, this time to ₱186.3 billion as more firms apply to list stocks for the second semester.

“I'm glad to report, I think we'll be hitting at least ₱180 billion in capital raising this year, and hopefully more, if there are more applications we receive in the third and fourth quarters,” said PSE President Ramon S. Monzon in a press briefing after the bourse’s annual stockholders’ meeting on Saturday.

At the start of the year, he said the PSE’s target was ₱120 billion and this target was increased to ₱170 billion last May even without counting the much-anticipated giant initial public offering (IPO) of GCash or Mynt, since the firm has yet to file its application.

“So far, based on applications we have received, as of July, our capital raising is about ₱185 billion already. That's based on… for the first half of the year, our capital raising was about ₱62.6 billion. That's one IPO, two FOOs [follow-on offerings], and about six private placements.

“For the second half, based on the applications we've received to date, we expect an additional capital-raising activity of about ₱123.7 billion. This is composed of two IPOs, two FOOs, one SRO [stock rights offering], and one listing of convertible warrants,” Monzon said.

Last May, he said, “We expect this year to be a very, very high capital-raising year. A very successful year for the PSE.”

For 2024, listed companies raised a total of ₱82.4 billion and “initially, I was targeting a capital raising of ₱120 billion for 2025, which is about a 50-percent increase of the actual capital raised in 2024.”

Monzon reported that, as of May 14, 2025, capital-raising activities amounted to ₱42.42 billion from one IPO, one FOO, and five private placements.

“In the pipeline, the PSE, so far, is expecting an additional ₱122.8 1 billion from the IPO of Maynilad Water Services Inc., stock rights offering of ACEN Corp., and FOOs of Ayala Corp., Steniel Manufacturing Corp., and Alliance Global Group Inc.,” he said.

As for the fixed-income market, Monzon said a total face amount of ₱73.2 billion in new bond listings was registered on Philippine Dealing & Exchange Corp. (PDEx), which is now controlled by the PSE.

These issuances came from Alsons Consolidated Resources Inc., SM Prime Holdings Inc., DoubleDragon Corp., Filinvest Development Corp., Bank of Commerce, and the sustainability-linked bonds of Cebu Landmasters Inc.

Recently, the bourse saw the listing of Bank of the Philippine Islands’ Supporting Inclusion, Nature and Growth bonds, or BPI SINAG bonds, which was upsized to ₱40 billion from the initial target of ₱5 billion.