BDO Capital's Francisco: IPOs lag in 2025 but capital markets stay strong

Investors are shifting to debt financing, private placements, and infrastructure-driven funding, keeping the Philippines’ capital markets active, as initial public offerings (IPOs) take a backseat, said Eduardo Francisco, president of BDO Capital & Investment Corp.

Bilateral debt, syndicated loans, bonds, and REITs are driving fundraising efforts, with these trusts offering stable yields despite ‘limited’ IPO activity, he said at BDO’s recent corporate outlook event.

Meanwhile, infrastructure, energy, warehousing, and healthcare are attracting strong capital inflows, particularly from sustainability-focused investors backing renewable energy and green projects.

Francisco emphasized the Philippines’ resilience and investment appeal despite global economic shifts. “Foreign delegations from Asia, North America, and Europe continue to visit BDO, underscoring rising interest and international confidence in the Philippines as a strategic investment hub,” he said.

Fritz Ocampo, BDO’s chief investment officer, said the Philippines’ consumer-driven economy remains resilient despite external pressures. 

He highlighted BDO’s Peso and Dollar Money Market Funds for short-term investors and tailored solutions for corporations seeking access to US and global equity markets.

“To maximize returns, investors can also explore dividend-paying stocks in real estate, telecommunications, and banking. The key to long-term growth is diversification,” said Ocampo.

From left: Rico Hizon, Consultant of SM Investment Corporation, leads an engaging discussion with Ed V. Francisco, President of BDO Capital; Fritz Ocampo, BDO’s Chief Investment Officer; and Charles M. Rodriguez, BDO’s Executive Vice President and Head of Institutional Banking Group. CLICK ON IMAGE FOR FULL PICTURE/Photo from BDO 

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