PSE adds Maynilad to benchmark index, replaces Converge ICT

Insider Spotlight

• Maynilad joins the benchmark PSE index less than a year after its P34.34 billion stock market debut.
• The annual review also reshuffled seven other PSE indices, including the property, services and financials gauges.
• The 2026 review is among the last under the current methodology before new index selection rules take effect in 2027.

Industry giant Maynilad Water Services Inc. will join the Philippine Stock Exchange’s widely followed PSE index, replacing Converge Information and Communications Technology Solutions Inc. in the benchmark gauge.

The changes, based on trading activity from July 2025 to June 2026, will take effect on Aug. 3.

The inclusion comes less than a year after Maynilad completed the Philippines’ second-largest initial public offering in history, raising P34.34 billion when it debuted on the stock exchange in November 2025.

Maynilad, backed by tycoon Manuel V. Pangilinan and the Consunji family, is the concessionaire of Metro Manila's west zone while Converge, led by tycoons Dennis Anthony Uy and Maria Grace Uy, is one of the country's leading fiber internet providers. 

More index changes

Aboitiz Equity Ventures Inc. will join the PSE dividend yield index, while Converge and Philex Mining Corp. will enter the PSE midcap index, replacing Asia United Bank Corp.

The financials index will add Bank of Commerce and National Reinsurance Corp. of the Philippines, while the industrial index will include Basic Energy Corp., Maynilad Water Services Inc. and Top Line Business Development Corp., replacing Concepcion Industrial Corp., Pryce Corp. and Vitarich Corp.

Lopez Holdings Corp. will join the holding firms index, while The Philodrill Corp. will be added to the mining and oil index. Vista Land & Lifescapes Inc. and VistaREIT Inc. will exit the property index, while AllDay Marts Inc. and AllHome Corp. will be removed from the services index.

New rules next year

The latest review is among the last under the PSE’s current index methodology. Beginning in 2027, the exchange will adopt revised rules that tighten liquidity and public ownership requirements, while introducing new criteria for sector representation and index composition.

—Edited by Miguel R. Camus