Philippine businesses, including renewable energy companies, are continuing their expansion plans this year, banking on an economic recovery from the COVID-19 pandemic.
“Right now, we can’t reach the same record as last year,” Philippine Stock Exchange Chairman and CEO Ramon Monzon told reporters. “We hope we can at least reach the level of 200 billion pesos.”
Last year, a record $234.5 billion was raised through IPOs, including the record $1 billion listing of food maker Monde Nissin Corp, and the sale of existing shares, more than double the 104 billion pesos of 2020.
By the end of July, the companies had raised 76 billion pesos on the stock market, with six initial public offerings (IPOs) and follow-up stock sales in the pipeline, according to PSE data.
But the PES is closely watching a possible postponement of equity sales as market volume and performance remain subdued, Mr Monzon said.
The overall index in the Philippines has fallen 5.9% this year, due to the weak peso and high inflation, making it the second worst performer in the region, after Vietnam.
($1 = 55.66 Philippine pesos)