GCash Listing Seen as PSEi Review Wildcard; Exchange Rule Changes Eyed

MANILA, Philippines — The Philippine Stock Exchange’s (PSE) February 2027 index review could largely hinge on whether the bourse relaxes key eligibility rules for the planned listing of GCash operator Mynt, according to analysts at COL Financial. Speaking at a briefing, COL chief equity strategist April Lynn Tan said the February review will draw more attention than the August rebalancing, as policy decisions could reshape the PSEi. “I think we’re sure that Maynilad to be added, Converge to be removed. I think what’s more interesting will be February and that will depend on different scenarios,” Tan said. She said key questions include whether the PSE will keep current rules, lower the 15% public float requirement, or exempt GCash from the six-month listing rule. The PSE currently requires companies to be listed for at least six months before including them in the PSEi. Because GCash is expected to list in October, it would miss the February review unless the PSE grants an exemption. COL research analyst Paolo Miguel Manansala said the firm’s projections assume various scenarios and largely unchanged share prices until the PSE finalizes the review data at year-end. Under the first scenario, where the PSE keeps its existing rules, Synergy Grid & Development Phils. Inc. (SGP) could enter the PSEi while DigiPlus Interactive Corp. could exit. If the PSE lowers the public float requirement, Aboitiz Power Corp. (AP) and SGP could qualify for inclusion, replacing DigiPlus and Semirara Mining and Power Corp. (SCC), Manansala said. Another scenario assumes the PSE allows GCash into the index despite not meeting the six-month listing rule. Manansala said GCash could displace GT Capital Holdings Inc. or Century Pacific Food Inc. from the benchmark index. Manansala outlined a third scenario where the PSE lowers the public float threshold and adopts the MTAR-based liquidity measure. Under this case, AP and SGP could join the PSEi, replacing China Banking Corp. and DigiPlus. The PSE replaced its liquidity criterion with MTAR and adopted new eligibility rules, but has yet to announce changes to public float requirements or new listing exemptions. COL stressed that the projected changes remain hypothetical and depend on market conditions, policy decisions and December data.