PSE sees Trump economic policies impacting market trajectory in 2025

MANILA, Philippines — The Philippine Stock Exchange Inc. (PSE) expects the economic policies of the incoming administration of US president-elect Donald Trump to play a key role in the trajectory of the local stock market in 2025.

PSE president and CEO Ramon Monzon said one of the considerations among investors at present is the direction of economic policies of the new US administration.

“An outcome favorable to the Philippines may help spur foreign buying and create the market condition listing applicants are waiting for,” Monzon said.

For 2024, total capital raised from primary and secondary shares reached   P82.37 billion, down by 42 percent from P140.95 billion a year earlier.

The number of initial public offerings (IPOs) conducted this year, meanwhile, was the same as what the PSE had in 2023.

Three companies conducted their maiden listing this year namely, OceanaGold (Philippines) Inc., Citicore Renewable Energy Corp. and NexGen Energy Corp.

The PSE was originally targeting a total of six IPOs and about P175 billion worth of capital to be raised in 2024.

However, Monzon said internal and external economic and geopolitical headwinds weighed on the market for most of the year, which in turn prompted IPO listing applicants to defer their public offering.

“PSE remains committed to initiatives that enhance stock market liquidity, including the launch of Global Philippine Depositary Receipts and the acquisition of Philippine Dealing System Holdings Corp. (PDS). This acquisition aims to create operational synergies by establishing a unified marketplace for fixed income and equity products and a single platform for capital raising, among others,” Monzon said.

The PSE last week signed agreements with shareholders of the PDS to acquire 61.92 percent of the holding company that owns the Philippine Dealing & Exchange Corp. for P2.32 billion.

This will increase the PSE’s stake in PDS to 82.9 percent upon completion of the transactions, which are subject to the customary closing conditions, including corporate approvals and delivery of closing certificates.

“We will also remain active in our IPO campaign to get more companies listed in the stock market,” Monzon said.

For 2025, Monzon earlier said that the PSE is targeting to have six IPOs and capital raising amounting to P120 billion.