Peso Strengthens for 2nd Day Amid GCash IPO Buzz; PSEi Falls

The Philippine peso appreciated against the US dollar for the second straight trading day on Wednesday, as global crude oil prices eased following reports indicating higher energy inventories in the United States. The local currency gained 9.8 centavos to close Wednesday at P62.739:$1 from Tuesday’s P62.835:$1. “The US dollar/peso exchange rate again corrected slightly lower after global crude oil prices corrected slightly lower,” Rizal Commercial Banking Corp. (RCBC) chief economist Michael Ricafort said in a mobile message. Futures for the international Brent Crude declined by over 1% to hover around $107 a barrel, while West Texas Intermediate futures declined by over 1% to the $104-a-barrel level. Ricafort also cited market excitement for the initial public offering (IPO) of Mynt Inc., the parent company of GCash (G-Xchange Inc.), which is scheduled to list its shares on the Philippine Stock Exchange on October 20, 2026. “(T)hat could be the country’s largest IPO worth about $1.5 billion with some foreign buyers/investors converting US dollars to pesos,” Ricafort said. The local equity market closed in the red, as the main Philippine Stock Exchange index (PSEi) fell by 90.84 points or 1.51% to 5,916.94 at the closing bell. The broader All Shares index shed 42.46 points or 1.26% to 3,300.26. “The local index closed lower, retreating to the 5,900 level, amid concerns over potentially slower Q3 economic growth, adding to the uncertainty,” Regina Capital Development Corp. head of sales Luis Limlingan said in a separate message. “The ongoing conflict between the US and Iran also weighed on investor confidence, contributing to today’s broad sell-off. Market sentiment remained cautious as investors assessed the potential impact of weaker growth and heightened geopolitical risks,” he added. More than 612.542 million shares, valued at P5.892 billion, changed hands. Decliners led advancers, 139 to 54, while 58 issues were unchanged. —RF, GMA News