PDEx listing hits P241.23 B

Manila, Philippines - The Philippine Dealing and Exchange Corp. (PDEx) has reported that the total outstanding listed corporate securities has reached P241.23 billion, coming from 15 corporate issuers in 39 securities.

In 2012 alone, total listing has so far reached P65.85 billion from seven issuers in 12 securities.

PDEx is a fixed-income trading platform that provides a centralized and efficient infrastructure for trading securities, which ensures price discovery, transparency and investor protection. It is a member of the Philippine Dealing System Holdings Corp. (PDS) Group.

PDS Group president Vicente B. Castillo said PDEx opens access for the retail sector to enjoy unimpeded and free access to a central pool of liquidity. And with the robustness of the Philippine economy, the group expects to see more listings this year.

“There will be more capital-raising activities as banks continue to prepare for Basel III, and corporates need capital for expand market share,” Castillo added.

The most recent bank that tapped the fixed-income exchange is the United Coconut Planters Bank (UCPB), which listed P1.85-billion long-term negotiable certificates of time deposits (LTNCDs) last Thursday.

Funds raised from the product would be used to retire maturing loans and address its expansion targets.

The other listings this year are: San Miguel Brewery Inc. (SMBI), a total of P17 billion; Ayala Land Inc. (ALI), P15 billion; Rizal Commercial Banking Corp. (RCBC), P5 billion; Ayala Corp., P10 billion; Globe Telecom, P10 billion; and Filinvest Land Inc. (FLI), P7 billion.

The major corporates that tapped the fixed income exchange for equity last year includes JG Summit Holdings Inc., Robinson Land Corp., Megaworld Properties, Energy Development Corp., Tanduay Distillers Inc., Power Sector Assets and Liabilities Management Corp. (PSALM) and Metropolitan Bank & Trust Co. (Metrobank).

The PDS chief executive said that the integrated architecture for dealers, brokers, and qualified investors allows a meaningful price discovery process as well as robust liquidity dynamic, and institutionalized investor protection standards.

“Issuers and the investing public have an organized secondary market for price discovery and liquidity within a trading and settlement environment with best execution and investors protection,” he added.

The PDEx is a critical component of the Philippine capital markets.

Recently, the PDS Group opened an “academy” where brokers and interested parties receive training on fixed income trading and capital markets in general.

“We would like to make sure that our members and brokers speak the same language. Then we would like to bring the academy to schools,” the PDS official said.

The group also hopes to complete the platform wherein the investing public may have access to the fixed income exchange and the capital markets.

Castillo added that the strategic step is for the PDEX to integrate with the rest of the Asia Pacific capital markets.