CAPITAL raised at the Philippine Stock Exchange (PSE) rose 21 percent to P184.6 billion this year from 2014’s P153.08 billion.
The amount raised in 2015 was the second highest in the history of the country’s equities market despite market volatility.
The fund-raising activities came from a mix of initial-public offerings, follow-on offerings and private placements.
The highest on record occurred in 2012 when the capital raised at the PSE reached P219 billion.
This year, however, only four companies became public, a number lower than the previous years when there were as many as 10 firms listed in a single year. These companies were pipes maker Crown Asia Chemicals Corp., chemicals trader SBS Philippines Corp., retailer Metro Retail Stores Group Inc. and property developer Italpinas Development Corp.
“We expect that the stock market will continue to be a preferred venue for fund-raising activities of both listed companies and privately owned firms that are considering listing at the exchange,” PSE President and CEO Hans B. Sicat said.
The market’s average daily turnover was also slightly higher, up by 2 percent to P8.96 billion in 2015, from P8.8 billion in 2014.
The bellwether PSE index ended the year at 6,952.08, lower by 3.9 percent from its closing level in 2014. this is also the first time in six years that the main index posted a yearly decline. For 2016, the PSE is hoping to see continued capital-raising activities and product offerings, the exchange said.
The PSE said it is also working on its request for exemptive relief to acquire additional shares in the Philippine Dealing System Holdings Corp. (PDS) to be granted by the Securities and Exchange Commission.
The PDS owns the platform that operates the country’s bond-market trading. The PSE said it will continue its corporate- governance initiatives, including the PSE Bell Awards. It also started working with the Search Results
Public-Private Partnership (PPP) Center to make the stock market become a venue to raise capital for PPP projects.
“We look at 2016 with optimism and we hope market indicators will improve next year.
We expect the country’s solid macro-economic fundamentals to continue to drive stock-market growth, aided by election-related and infrastructure spending,” Sicat said.