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Manila Bulletin devider Business devider The Stock Market devider Emperador rejoins FTSE global equity index after 2-year absence

Emperador rejoins FTSE global equity index after 2-year absence

Published Aug 24, 2026 10:59 am

Emperador Inc., tycoon Andrew Tan’s global liquor conglomerate, is rejoining the FTSE Global Equity Index Series (GEIS) as a Small Cap constituent next month after a two-year absence following its removal in March 2024.

The firm’s re-entry comes after FTSE’s Asia-Pacific excluding Japan excluding China Regional Index Semi-Annual Review was announced on Aug. 21, 2026. Revisions to the index can still be made until Sept. 4, with the final list to become effective on Sept. 7, 2026.

Emperador is the only Philippine company newly added to the FTSE Small Cap segment in this review. The inclusion places the company within the relevant FTSE Small Cap and All Cap benchmark universes.

“The company remains focused on broadening its institutional investor base, improving market liquidity and strengthening its investable market capitalization over time,” Emperador said in a disclosure to the Philippine Stock Exchange (PSE) on Monday, Aug. 24.

Valued at around $3.8 billion in terms of market capitalization, Emperador is a global brown spirits company with leading brandy and Scotch whisky businesses spanning the Philippines, the United Kingdom (UK), Spain, Mexico and other international markets. It is dual-listed on the PSE and the Singapore Exchange (SGX).

Emperador is seeing signs of recovery in its domestic and overseas businesses, particularly in the lower-priced brandy segment.

During the firm’s annual stockholders’ meeting (ASM) last June, Emperador President and Chief Executive Officer (CEO) Glenn Manlapaz said there is a resurgence in the brandy business, particularly in the Philippines, where the company’s products offer more value and match the taste of the younger generation of consumers.

“There are also developments in the international markets that is encouraging at the moment and we expect our international brandy business to contribute more to the company in the succeeding years,” he added.

Meanwhile, the global whisky business saw a downturn in the past three years because of the high cost of living brought about by geopolitical conflicts, inflation, supply chain disruptions, and the escalating price of petroleum.

“We gained volume in our affordable and standard brands globally but that could not make up for the loss, admittedly, in the rare niche,” said Manlapaz.

He noted, though, that Emperador’s whisky business was positive in the first quarter of 2026 “because of better sales of premium products and we are starting to see some green shoots.”

“If premium is improving, then the market is recovering. And, if that happens, in a while, the rarer niche market, the vintage market, will be back as well. Our brands have retained their strong brand equities despite the downtrading,” Manlapaz explained.

Emperador’s whisky brands Dalmore, Tamnavulin, and Jura are still among the top single malts in the world, with Jura at number one in the UK, followed by Tamnavulin, while Dalmore is still the leading luxury single malt in a lot of Asian markets such as greater China, Indochina, and even in Southeast Asia.

Thus, he said, “when global economies recover, our brands will definitely still be preferred.” - James A. Loyola

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