The bond and clearing business now powers over 40 percent of revenues, helping drive first-half 2025 operating income to P1.31 billion, a surge of almost 82 percent.
During the first semester, the PSE saw net income soar 28 percent to P508 million, as listing-related fees increased 12.62 percent to P148.53 million, driven by a higher fee cap on listing maintenance.
Trading-related revenues surged 101.4 percent, led by a 281 percent jump in transaction fees to P289 million, mostly from Philippine Dealing & Exchange Corp. (PDEx) and Philippine Depository & Trust Corp. (PDTC), two key PDSHC subsidiaries.
Market data income climbed 11 percent, while depository account fees from PDTC totaled P282 million.
Big picture
The PSE now owns over 90 percent of PDS after acquiring shares from banks and other private investors.
PDS operates the systems behind bond trading, clearing, and settlement.
Its key units, like PDEx and PDTC, ensure that trades are completed smoothly, funds are transferred securely, and ownership is accurately recorded.
Breaking it down
• PDSHC contributed P557.45 million to PSE’s first-half 2025 revenues, accounting for 42.44 percent of the total.
• The bulk came from P282.38 million in depository fees collected by PDTC, a PDSHC subsidiary.
• Additional income included P206.31 million in transaction fees from PDEx and PDTC, and P68.24 million in registry maintenance fees.
Cost of integration
Expenses rose nearly 70 percent to P706.77 million, driven by staffing, system upgrades, and professional services tied to the integration.
—Edited by Miguel R. Camus
