Capital Markets
From The Report: Philippines 2018
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Though smaller than some other capital markets in the region, the Philippine Stock Exchange (PSE) reached record highs in 2017 against a backdrop of robust macroeconomic expansion and the sweeping Tax Reform for Acceleration and Inclusion programme, which should support the government’s sizeable infrastructure agenda, Build, Build, Build (BBB). Benefitting from rising levels of trading and liquidity, and rapid growth in fixed income, the PSE is poised for a strong 2018. Efforts to finance the BBB agenda should see a near-term increase in the amount of foreign currency-denominated bonds, with a recent landmark Panda bond issuance – denominated in Chinese renminbi – attracting significant investor participation. This chapter contains an interview with Ramon S Monzon, President and CEO, Philippine Stock Exchange.

Articles from this Chapter

Overview

Breaking records: While the exchange hit historical highs in 2017, more competitive measures are needed
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Though smaller than some other capital markets in the region, the Philippine Stock Exchange (PSE) reached record highs in 2017 against a backdrop of robust macroeconomic expansion and the sweeping Tax Reform for Acceleration and Inclusion (TRAIN) programme, which should support the government’s sizeable infrastructure agenda, Build, Build, Build (BBB). Benefitting from rising levels of trading and liquidity, and rapid growth in fixed income, the PSE is poised for a strong 2018. Efforts to finance…

Analysis

Blueprint to build: Efforts under way to develop capital markets into the primary source of infrastructure financing
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In an effort to deepen and diversify the local capital markets, the Philippine Stock Exchange (PSE), the Securities and Exchange Commission (SEC), Bangko Sentral ng Pilipinas (BSP) and international partners such as the Asian Development Bank (ADB) have been active in rolling out a series of reforms to pave the way to sustainable long-term growth. These changes are expected to complement earlier reforms implemented in 2017 to support President Rodrigo Duterte’s infrastructure agenda, Build,…

Viewpoint

On the upward: Ramon S Monzon, President and CEO, Philippine Stock Exchange (PSE), on how the market is realising its potential
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Viewpoint:Ramon S Monzon Two things have become clear to the PSE: global financial markets are moving quickly in terms of developing products and services, and the Philippine market possesses great potential that has yet to be fully realised. Technology has not just accelerated many businesses, but also disrupted industries, similar to what companies like Grab and Uber have done for transportation. Just as big banking institutions are investing huge sums of money in research on blockchain…

Analysis

Growth vision: Stock market
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Considered one of the oldest bourses in Asia, the Philippine Stock Exchange (PSE) traces its roots back to two former bourses – the Manila Stock Exchange (formed in 1927) and the Makati Stock Exchange (founded in 1963) – which were unified in 1992 to form the PSE. The PSE has two wholly owned subsidiaries, the Securities Clearing Corporation of the Philippines, which primarily works as a clearing and settlement agency, and the Capital Markets Integrity Corporation (CMIC), which functions…

Analysis

Increasing inflows: Foreign listings
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Capital movement in the 21st century is a global phenomenon. Despite geographic controls in some places, funds flow in and out of borders, and among various asset classes, depending on the relative attractiveness of opportunities. These can be affected by interest rates, taxation, ease of access to investments, and the products and services available in a given market. A good example highlighting the increasingly borderless ecosystem of financial markets is the cross-listing of equity securities…

Analysis

Moving closer: Real estate investment trusts
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The passage of Republic Act No. 9856 in 2009, otherwise known as the Real Estate Investment Trusts (REIT) Law, established the legal and regulatory framework for the development of domestic REITs, and was lauded as a significant step for the Philippines as it catches up with the rest of the world. The act was passed into law with the view of unlocking real estate value and democratising wealth through public participation from returns of real estate properties. REITs are also seen as a cheaper…