The country’s oldest conglomerate still owns an indirect 6.5 percent stake in GCash after selling half its holdings to Japan’s Mitsubishi Corp. for P18.4 billion.
Even with a potential IPO looming in 2025, Consing said it might still be too early to sell.
“It’s early days [but] I don’t see us selling down to be honest,” he said in a recent interview. “This thing has a long way to go.”
Big picture
Ayala has been actively trimming non-core assets to reduce debts while investing in new ventures like healthcare and electric vehicle infrastructure.
While Ayala holds a relatively small but strategic 6.5 percent stake in GCash, Consing’s stance is backed by the fintech’s rising valuation.
With the entry of new Japanese partners last year, its valuation more than doubled to $5 billion, and it is reportedly aiming for an even higher price when it rolls out an IPO.
GCash continues to expand
GCash’s payments platform boomed during the pandemic as lockdowns drove users to digital payments.
Since then, it has rapidly expanded with new products, including loans, wealth management, and stock trading, targeting the country’s vast unbanked sector.
During a briefing by major GCash shareholder Globe Telecom last week, company executives said the platform’s loans grew by 85 percent last year, while unique borrowers doubled.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
