Stock buybacks surged 120% as flaccid market signals value play

Insider Spotlight

• Listed firms sharply accelerated share buybacks in 2025
• Weak PSEi performance drove companies to bet on undervalued stocks
• Robinsons Retail, Ayala Land led buyback totals
  
  

Philippine listed companies have ramped up share buybacks this year as the market’s continued slump pushed firms to act on what they see as deeply undervalued stock prices, according to data InsiderPH obtained from the Philippine Stock Exchange.

Why it matters

The surge in buybacks highlights how corporate insiders view their companies’ prospects more positively than investors do at the moment. It also underscores the depth of risk-off sentiment in the local equities market, with both foreign and domestic funds staying on the sidelines while firms step in as major buyers of their own shares.

By the numbers

PSE data from last year and this year shows that companies disclosed P44.75 billion worth of buybacks during the first 11 months of 2025 representing a 120-percent increase over the P20.35 billion recorded for full-year 2024.

• Twenty-six companies conducted buybacks so far this year, up from 21 last year.
• The types of listed securities bought back also grew from 21 in 2024 to 28 in 2025.

Ramon Monzon

The PSE chief is set to meet with foreign investors and fund managers in the coming weeks to reignite interest in the local stock market.

The year-to-date November tally reflects the sharp jump:

• 2024 YTD November buybacks reached P18.52 billion
• 2025 YTD November soared to P44.75 billion

Quarterly data for 2025 shows how momentum strengthened early in the year before stabilizing:

• First quarter buybacks totaled P7.81 billion
• Second quarter buybacks peaked at P24.55 billion
• Buybacks in the third quarter followed with P6.34 billion
• Buybacks for October and November 2025 totaled P6.06 billion

The standout movers

Ayala Land Inc. posted the highest 2024 buyback value at P7.44 billion, signaling confidence in its long-term property fundamentals despite market drag.

For 2025, Robinsons Retail Holdings Inc. topped the list with P17.11 billion in repurchases, becoming the year’s most aggressive buyer of its own shares.

The bigger picture

The Philippine Stock Exchange index has struggled through 2025 amid global monetary tightening, geopolitical uncertainty, and persistent foreign outflows prompted by concerns over the ongoing government corruption scandal.

With valuations falling and liquidity thinning, listed firms themselves have become a key source of demand for equities.

Corporate buybacks typically indicate that companies believe their shares are trading below intrinsic value. This year’s steep increase suggests that management teams are positioning for a rebound that the broader market has yet to price in.

What’s next

If market weakness persists, analysts expect more firms to file or expand buyback programs heading into early 2026.

But sustained recovery in the PSE will still depend on renewed investor appetite, improved macro signals, and a turnaround in foreign participation.