The Philippine Stock Exchange (PSE) reported a 19.8 percent growth in net income to ₱608.38 million for the first half of 2026 from ₱508.03 million in the same period last year as trading activity picked up following a major reduction in transaction tax.

In a statement, the bourse said operating revenues grew 9.4 percent to ₱1.44 billion from ₱1.31 billion, driven by higher trading and clearing revenues as well as depository securities account fees.

“Our first-half performance reflects a more active market, with average daily value turnover increasing by 13.5 percent to ₱7.72 billion from ₱6.80 billion a year ago,” said PSE President and CEO Ramon S. Monzon.

He noted, “This boost in liquidity can be attributed to the Capital Markets Efficiency Promotion Act, which reduced the stock transaction tax from 0.6 percent to 0.1 percent effective July 1, 2025, bringing the cost of trading in our market closer to our regional peers.”

Transaction fees increased 10.7 percent to ₱303.43 million as trading volumes improved across both the Philippine Dealing & Exchange Corp. and the PSE.

Securities Clearing Corporation of the Philippines service fees likewise climbed 14.5 percent to ₱165.45 million, matching a 14.5 percent expansion in equity trading value to ₱926.54 billion from ₱809.27 billion in the same six-month period last year.

Revenues at the Philippine Depository Trust Corporation grew 4.3 percent to ₱294.55 million, primarily driven by higher fixed-income depository holdings. Other operating revenues surged to ₱184.49 million from ₱94.23 million.

Meanwhile, total costs and expenses remained manageable at ₱728.90 million, up 3.13 percent from ₱706.77 million year-on-year.

“We are also reviewing and amending our listing rules to make listing more accessible. The SEC has approved our tiered public ownership framework and our revised rule on preferred shares listings, which lowers the minimum offer size to ₱100 million from ₱1 billion and allows direct listing,” Monzon said.

He added, “With about ₱133.70 billion in forthcoming listings for the second half, including the initial public offerings of Mynt, Inc. and Vitro REIT, we are working toward a market that is easier to list in, less costly to trade in, and open to a wider range of investors and issuers.” (James A. Loyola)