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Philippine Stock Exchange targets more IPOs, REITs this year on recovery hope

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Reuters

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img src="http://sa.kapamilya.com/absnews/abscbnnews/media/2021/news/01/04/20200218-pse-bgc-jc-0777_1.jpg"/><figcaption>The Philippine Stock Exchange (PSE) building at the Bonifacio Global City, Taguig. February 18, 2020. <em>Jonathan Cellona, ABS-CBN News</em></figcaption></figure></div><p>MANILA - Seven Philippine firms plan to go public or offer real estate investment trusts (REIT) this year, the stock exchange said on Monday, representing a spurt in capital market activity in an economy still shaken by the impact of the COVID-19 pandemic.</p><p>The Philippines, one of Asia&#x27;s fastest-growing economies before the pandemic, has long struggled to attract firms to its stock market, with just seven initial public offerings (IPOs) in the past three years.</p><p>However in 2021, at least three companies will go public and four property firms will conduct REIT offerings, Philippine Stock Exchange Inc President and Chief Executive Ramon Monzon said in a statement, without identifying the companies.</p><p>Last November, <a href="https://news.abs-cbn.com/business/11/16/20/doubledragon-to-list-p147-billion-reit-posts-p5-billion-jan-sept-net-income">DoubleDragon</a> Properties Corp said it planned to raise as much as P14.7 billion ($306 million) through a REIT in February. </p><p>REITs manage real estate assets such as hotels, office buildings and shopping malls that regularly generate profit. They are attractive to investors seeking regular dividends.</p><p>&quot;Although the current economic environment remains fragile because of the unpredictability of the COVID-19 situation, we choose to be optimistic,&quot; Monzon said, adding that restoring investor confidence will continue to be a challenge.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/05/22/20/factors-to-consider-in-choosing-an-online-stock-trading-platform">Factors to consider in choosing an online stock trading platform</a></li></ul><p>The bourse will relax listing rules this year to attract more companies, Monzon said. Also, new features will include short-selling, added sector classifications and indices, and a data analytics platform, he said.</p><p>At 272, the bourse lists the lowest number of companies among major Southeast Asian peers.</p><p>Funds raised through the bourse rose 2.9 percent in 2020 to P104 billion ($2.17 billion), mainly through IPOs and follow-on share sales, bourse data showed.</p><p>The Philippines&#x27; broader stock index declined 8.6 percent last year, plunging as much as 41 percent in March during the novel coronavirus-induced global market sell-down.</p><div><strong>(Reporting by Neil Jerome Morales; Editing by Christopher Cushing)</strong></div><figure class="op-interactive"><iframe height="315" src="https://www.youtube.com/embed/bduvIcPXv7o?enablejsapi=1" width="560"></iframe></figure><div class="iwantbar">Watch more in <a href="//www.iwantv.com.ph/">iWantv</a> or <a href="//tfc.tv/">TFC.tv</a></div>

<p>Seven Philippine firms plan to go public or offer real estate investment trusts this year, the stock exchange said on Monday.</p>

Seven Philippine firms plan to go public or offer real estate investment trusts this year, the stock exchange said on Monday.