The Philippines Stock Exchange is the country’s national stock exchange, serving as the central marketplace for buying and selling securities. 

It was formed through the merger of the Manila Stock Exchange and the Makati Stock Exchange, providing a unified platform for equity trading. 

With its headquarters in Bonifacio Global City and operations in Ortigas, the exchange plays a pivotal role in the development of the Philippine capital market.

As one of the most important financial institutions in the nation, the Philippines Stock Exchange directly influences the health of the Philippines’ economy by facilitating capital raising and investment flows. 

Companies listed on the exchange contribute significantly to the country’s market capitalisation, while active trading volume reflects investor sentiment and liquidity. 

These activities help fuel corporate growth, job creation, and broader economic development.

Today, the exchange is on the radar of global investors watching for opportunities in banking, real estate, technology, and consumer sectors. 

Its performance is often seen as a barometer of the Philippine economy’s strength and resilience, shaping both domestic policy discussions and foreign investment strategies.

Structure and operations

Key structural and operational details include:

Market segments

The Philippines Stock Exchange has two main listing segments: the Main Board for large, established companies and the SME Board for small and medium enterprises seeking capital market access. 

These categories allow firms of different sizes and financial strength to raise funds while meeting proportionate requirements.

Listing requirements

The Main Board requires at least PHP 500 million in stockholders’ equity, three years of operating history, and a cumulative net income of PHP 75 million over the last three years, with PHP 50 million earned in the most recent year. 

The SME Board has lighter thresholds, focusing on lower equity levels, shorter operating history, and alternative profit or revenue tests. 

Both boards require a minimum public float and adherence to disclosure and governance standards.

Securities traded

The exchange primarily trades equities of listed firms, with exchange-traded funds (ETFs) also available. 

Corporate and government bonds are issued and traded separately through the Philippine Dealing & Exchange Corp. (PDEx), not on the PSE itself.

Trading hours and settlement

Trading runs from 9:30 a.m. to 3:00 p.m., Monday to Friday. 

There are also pre-open and pre-close phases around regular trading.

Settlement follows a T+2 cycle, meaning transactions are finalised two business days after execution.

Key Philippines stock market data

These key data points provide a broad overview of the size of the Philippines Stock Exchange.

Market capitalization

Total market capitalization rose 1.8 percent in June to PHP 19.52 trillion or about US$751 billion from May’s PHP 19.17 trillion (US$737 billion). 

Domestic market capitalisation, excluding three foreign firms, increased 1.6 percent to PHP 14.72 trillion or US$566 billion. 

Year-to-date, total MCAP is down 2.4 percent, while domestic MCAP is up 1.0 percent.

Average daily trading value

Average daily value turnover in June fell 17.4 percent to PHP 6.90 billion or US$265 million from PHP 8.36 billion (US$322 million) in May. 

For the first six months of 2025, turnover averaged PHP 6.80 billion or US$262 million, up 11.5 percent from the 2024 average of PHP 6.10 billion (US$235 million).

Foreign vs domestic participation

Foreign investors posted a net outflow of PHP 4.69 billion (US$180 million) in June, narrowing from May’s PHP 16.04 billion (US$617 million). 

Year-to-date, net foreign selling reached PHP 41.07 billion (US$1.58 billion), up from PHP 31.12 billion (US$1.20 billion) a year earlier. 

Foreign trades made up 47.9 percent of June’s total activity and 48.3 percent year-to-date, compared with 46.1 percent in the same period last year.

Major listed companies and sectors

These are some of the biggest companies and sectors on the Philippines Stock Exchange.

Banks and financials

The financial sector is led by BDO Unibank, Bank of the Philippine Islands (BPI), Metrobank, PNB, and Security Bank. 

These institutions dominate lending, deposits, and capital raising in the economy.

Consumer goods and retail

Large players include San Miguel Corporation, Universal Robina Corporation, Monde Nissin, and Jollibee Foods Corporation. 

These companies reflect the Philippines’ strong domestic consumption base and expanding retail footprint.

Property and real estate

The property sector features Ayala Land, SM Prime Holdings, Robinsons Land, and Megaworld, which are key developers of malls, residential complexes, and commercial centres. 

Their growth is tied to urbanisation and rising middle-class demand.

Industrials and conglomerates

Conglomerates such as Ayala Corporation, JG Summit Holdings, and Aboitiz Equity Ventures span multiple industries from manufacturing to infrastructure. 

Their diversified operations make them central to the PSE’s overall market capitalisation.

Energy and utilities

Companies such as First Gen, Aboitiz Power, and Meralco play a critical role in electricity generation, transmission, and distribution. 

Energy remains a vital sector given the Philippines’ growing power demand.

Telecommunications and technology

Major telecom and ICT firms include PLDT, Globe Telecom, and Converge ICT Solutions. 

These companies are central to the digital economy and drive innovation in connectivity and technology adoption.

Mining and resources

The Mining & Oil sector includes Nickel Asia, Philex Mining, and Semirara Mining & Power, reflecting the Philippines’ role as a supplier of nickel, copper, coal, and other resources to global markets.

Transportation and services

The services sector covers logistics, transport, and tourism. Notable firms include Cebu Air (Cebu Pacific) in aviation and Bloomberry Resorts in gaming and leisure. 

This segment is highly sensitive to consumer demand and global travel trends.

Foreign investment and access

There are several ways foreign investors can gain exposure to the Philippine Stock Exchange (PSE).

Direct market entry

Foreign investors can participate in PSE trading by opening accounts with accredited local brokers, who handle compliance and execute orders.

Access is available across both the Main Board and SME Board.

However, foreign ownership is restricted in certain sectors such as land, mass media, and public utilities, where caps of up to 40 percent apply.

Indirect investment routes

Diversified exposure is also possible through exchange-traded funds, most notably the First Metro Philippine Equity ETF (FMETF), which tracks the PSE index.

In addition, some Philippine companies are listed overseas through American Depositary Receipts (ADRs), though these are limited.

FDI connections to capital markets

While foreign direct investment (FDI) usually enters through joint ventures or private placements, it is often tied to sectors that are heavily represented on the exchange such as property, banking, infrastructure, and consumer goods.

Strategic investors from Japan, Singapore, and other markets have taken stakes in listed firms, complementing the role of the PSE in raising capital and linking the Philippine economy to global markets.

Regulation and oversight

This section covers how the Philippines Stock Exchange is regulated.

Regulatory framework

The Securities and Exchange Commission (SEC) serves as the primary regulator of the Philippines Stock Exchange, overseeing its operations, enforcing compliance with securities laws, and ensuring fair and transparent trading.

 The PSE itself is a self-regulatory organisation, setting listing, disclosure, and trading rules for its members under SEC supervision.

Reforms and governance

Ongoing reforms have strengthened corporate governance and transparency, with measures such as stricter disclosure requirements, improved reporting standards, and enhanced monitoring of insider trading. 

The PSE has also implemented systems for electronic trading, disclosure, and surveillance to align with international best practices.

Transparency initiatives

Efforts include requiring listed firms to maintain minimum public float levels, enforcing sustainability reporting for publicly traded companies, and publishing regular market and compliance updates. 

These initiatives aim to bolster investor confidence and attract more foreign and domestic capital into the exchange.

Regional Comparison

This section outlines how the Philippines Stock Exchange compares to its regional peers.

Indonesia 

In Indonesia, the Indonesia Stock Exchange (IDX) is considerably larger and benefits from stronger daily turnover, deeper sectoral breadth — especially in commodities and resources — and higher participation from both retail and foreign investors.

Malaysia

Bursa Malaysia is also bigger than the PSE and is more heavily tilted toward commodities such as palm oil and oil and gas.

It is distinctive for its Islamic finance instruments, which attract specialist investors across the region.

Thailand 

The Stock Exchange of Thailand (SET) is nearly twice the size of the PSE and is much more liquid, with consistently higher turnover and strong foreign investor activity.

It is more diversified, particularly in energy, consumer goods, and tourism, while the PSE is dominated by banks, property, and conglomerates.

Vietnam

Vietnam’s two exchanges, the Ho Chi Minh City Stock Exchange (HOSE) and the Hanoi Stock Exchange (HNX), are smaller in overall scale but often post higher daily trading values.

Vietnam’s market is less mature but is growing faster, marked by strong retail participation and greater volatility.

The Philippines Stock Exchange moving forward

The Philippines Stock Exchange faces the challenge of boosting liquidity and broadening participation while maintaining reforms to strengthen governance and transparency. 

Market capitalisation remains substantial, but daily turnover is modest compared to regional peers, underscoring the need to attract more institutional and retail investors. 

Foreign trades continue to account for nearly half of activity, highlighting the importance of global capital flows. 

Moving forward, the exchange’s growth will depend on continued corporate listings, improved investor access, and deeper integration with both regional and global markets.

That said, Southeast Asian economies can be dynamic and change quickly.

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