PSE CEO Monzon says smaller, dividend stocks are beating the PSEi

While the Philippine Stock Exchange index (PSEi) has struggled to keep pace with regional markets, several of its key indices are delivering stronger signals to investors.

PSE president and CEO Ramon Monzon said mid-sized and dividend-paying stocks are running ahead of the PSEi, which was among the weakest-performing indices in ASEAN in 2025, worsened by volatile sentiments and the massive flood control corruption scandal.

“Despite headwinds and volatility in the stock market, the PSE MidCap and PSE Dividend Yield indices have significantly outperformed the PSEi in the last two years,” Monzon said in a statement.

The PSEi, comprised of the exchange’s largest and most actively traded firms, tumbled 7.3 percent in 2025 and rose a marginal 1.2 percent in 2024.

During the same period, the PSE Dividend Yield index jumped 22.4 percent in 2024 and 2.4 percent in 2025.

The PSE MidCap index performed even better, soaring 29.1 percent in 2024 and 20.2 percent in 2025, data from the exchange showed.

Ramon Monzon

PSE president, CEO 

“The regular index review ensures that the companies included in the indices are the best representatives of these benchmarks based on our set criteria,” Monzon noted.

The PSE announced the results of its latest review, which includes RL Commercial REIT taking the place of Alliance Global Group on the PSEi, effective Feb. 2, 2026.

Below are the updated constituents of the PSE Dividend Yield and PSE MidCap indices.

 PSE Dividend Yield Index

    •    AREIT, Inc.

    •    China Banking Corp.

    •    Citicore Energy REIT Corp.

    •    DMCI Holdings, Inc.

    •    D&L Industries, Inc.

    •    Globe Telecom, Inc.

    •    LT Group, Inc.

    •    Metropolitan Bank & Trust Co.

    •    Manila Electric Co.

    •    MREIT, Inc.

    •    Nickel Asia Corp.

    •    OceanaGold (Philippines), Inc.

    •    Puregold Price Club, Inc.

    •    RL Commercial REIT, Inc.

    •    Robinsons Land Corp.

    •    Robinsons Retail Holdings, Inc.

    •    Semirara Mining and Power Corp.

    •    Synergy Grid & Development Phils., Inc.

    •    PLDT Inc.

    •    Universal Robina Corp.

PSE MidCap Index

    •    Alliance Global Group, Inc.

    •    Apex Mining Co., Inc.

    •    Asia United Bank Corp.

    •    Bloomberry Resorts Corp.

    •    Cosco Capital, Inc.

    •    D&L Industries, Inc.

    •    Ginebra San Miguel, Inc.

    •    The Keepers Holdings, Inc.

    •    Megaworld Corp.

    •    MREIT, Inc.

    •    Manila Water Co., Inc.

    •    Nickel Asia Corp.

    •    OceanaGold (Philippines), Inc.

    •    Philippine National Bank

    •    Robinsons Land Corp.

    •    Robinsons Retail Holdings, Inc.

    •    Security Bank Corp.

    •    Philippine Seven Corp.

    •    Synergy Grid & Development Phils., Inc.

    •    Wilcon Depot, Inc.

—Edited by Miguel R. Camus