The combined capital raised by companies from the stock market rose 8.2 percent in the first 10 months to P82.5 billion from P78.59 billion a year ago despite the pandemic, data from the Philippine Stock Exchange show.
PSE president and chief executive Ramon Monzon said in a virtual press briefing Monday following the annual stockholders’ meeting the local bourse was expecting more companies to raise capital through the stock market before the end of the year.
Monzon said as banks tightened their lending standards amid the pandemic, companies would look for cheaper ways to raise funds, and the equities market could provide that opportunity.
Two more companies may raise capital before the end of the year. These are PH Resorts Group Holdings Inc., which is planning a P1.125-billon follow-on offering, and AC Energy Philippines Inc., which will conduct a stock rights offering.
Monzon said two companies also expressed interest to conduct the real estate investment trust offering.
Meanwhile, the PSE plans to introduce two new sector classifications and indices as part of its post-pandemic recovery plan.
There are six sectoral indices in the equities market, including financials, industrials, holding firms, property, services and mining and oil.
The PSE also wants to introduce index-linked funds that track the performance of mid-cap companies and high-dividend issuers.
Shareholders of PSE elected four new members of the board of directors Monday. Elected as independent directors were former Chief Justice Teresita De Castro and investment banker and former ING Bank Manila country head Consuelo Garcia.
Also elected were San Miguel Corp. chief finance officer and treasurer Ferdinand Constantino as sectoral representative for non-broker director-investors and Securities Specialists Inc. nominee Diosdado Arroyo as broker-director.
Re-elected to the PSE board as independent directors were Jose Pardo, Roberto Cecilio Lim and Vicente Panlilio. Anabelle Chua, Rolando Jose Macasaet and Edgardo Lacson were re-elected as non-broker directors and sectoral representatives for issuers, investors and other market participants respectively.
The broker-directors who received fresh mandate were Eddie Gobing, Eusebio Tanco, Wilson Sy and Ma. Vivian Yuchengco. Monzon was also re-elected as president and chief executive.
“The PSE board will continue to adopt reforms and promote initiatives that will help make our market more competitive in the region. I am confident that the new members of the Board will contribute significantly to the growth and success of the organization,” said PSE chairman Jose Pardo.
