PSE first half profit climbs 20%, P134B in new listings on the horizon

More money is changing hands in the Philippine stock market, lifting the Philippine Stock Exchange Inc.’s first-half profit by 20 percent and setting up a busier second semester. 

Net income rose to P608 million from P508 million as average daily trading value increased 13.5 percent to P7.72 billion.

The improvement followed a sharp cut in the stock transaction tax last year, making it cheaper for investors to buy and sell shares.

“This boost in liquidity can be attributed to the Capital Markets Efficiency Promotion Act, which reduced the stock transaction tax from 0.6 percent to 0.1 percent effective July 1, 2025, bringing the cost of trading in our market closer to our regional peers,” PSE president and CEO Ramon Monzon said in a statement. 

​Ramon Monzon 

PSE president, CEO 

More trading pays off

Operating revenue grew 9.4 percent to P1.44 billion, while costs increased at a slower 3.1 percent to P729 million, allowing more of the gains to reach the bottom line.

Total stock trading value climbed 14.5 percent to P927 billion, boosting the fees earned by the exchange and its clearing businesses.

P134B listings ahead

Another potential lift could come from about P134 billion of forthcoming listings in the second half, including the planned initial public offerings of Mynt Inc., operator of GCash, and Vitro REIT.

Monzon said the PSE is also making it easier and cheaper for companies to tap the stock market:

• The SEC has approved a tiered public ownership framework aimed at making listings more accessible.
• Preferred share listings can now have a minimum offer size of P100 million, down from P1 billion, with direct listings also allowed.

The combination of heavier trading and a large potential listing pipeline gives the PSE more room to sustain earnings growth through the rest of 2026.

—Edited by Miguel R. Camus