PHL market limits push companies to list abroad — analysts

By Alexandria Grace C. Magno, Reporter

STRUCTURAL CONSTRAINTS in the Philippine equities market, including thin liquidity, low investor risk appetite, and limited capital-raising prospects, are pushing some companies to consider overseas listings to access deeper capital pools and potentially higher valuations, according to market analysts.

“Some companies would list overseas hoping to get better valuations since there would be a better appreciation of their business models overseas,” April Lynn Lee-Tan, chief equity strategist at COL Financial Group, Inc., said in a Viber message.

Philstocks Financial Research Manager Japhet Louis O. Tantiangco said companies exploring offshore initial public offerings (IPOs) may be responding to limited capital-raising opportunities in the domestic equities market.

“Local companies considering offshore markets for their IPOs may imply that they are not seeing capital raising opportunities in the local equities market for the time being. This could be due to low risk appetite on the part of investors. Local companies listing abroad may also be a way for them to market themselves offshore,” he said in a Viber message.

Unicapital Securities, Inc. Research Head Wendy B. Estacio-Cruz said liquidity constraints in the Philippine market are also encouraging companies to explore overseas listings.

“I think most of these companies are also exploring the overseas market, especially with the current liquidity here in the Philippines. So, in order for them to really have — especially, for example, for JFC (Jollibee Foods Corp.), I think it’s also a plus for their investors that they have exposure outside the Philippines. So, it’s basically more on the liquidity issue here,” she said.

BDO Securities Corp. President John Tristan D. Reyes said companies seeking listings abroad are often aiming for deeper capital markets and stronger valuations.

“Companies like JFC and Maya looking to list overseas show they’re seeking deeper capital markets and higher valuations than what the Philippine market can currently provide. JFC’s move reflects a strategy to unlock value by separating its domestic and international businesses, with the global arm positioned for stronger growth on a US exchange. Meanwhile, Maya is exploring a US IPO to access better liquidity and more competitive fintech (financial technology) valuations. Overall, this trend highlights both the growing global ambitions of Philippine companies and the limitations of the local market (thin liquidity, low valuations among others),” he said.

Jesus Mariano P. Ocampo, president and chief operating officer of Investment & Capital Corp. of the Philippines (ICCP), said a foreign listing could be appropriate for companies with significant international operations.

“For JFC, it might make sense since these are international operations anyway. For Maya, supposedly it’s a big issue and the Philippine market might not be able to absorb it. Further, valuations in other markets are expected to be meaningfully higher than in the Philippines,” he said.

Several companies have recently outlined plans to pursue overseas listings.

In January, JFC announced plans to spin off its international operations from its Philippine business. The company intends to list the international business separately on a US securities exchange by late 2027, while the Philippine business will remain listed on the Philippine Stock Exchange (PSE). The move would create two independent entities with distinct strategies and investment profiles.

Jollibee Group Chief Financial Officer Richard Shin said the plan aims to unlock value by improving clarity, transparency, and capital allocation while allowing the international business to access the world’s largest capital market for improved liquidity and valuation.

Meanwhile, financial technology firm Maya is planning a dual listing, according to its chairman Manuel V. Pangilinan, with the company aiming to list first in the United States and then on the PSE by the second half of the year.

Maya Innovations, formerly Voyager Innovations Holdings, Pte. Ltd., is the parent holding company of Maya Philippines, Inc. and Maya Bank, Inc.

Maya Philippines is registered with the Bangko Sentral ng Pilipinas (BSP) as an electronic money issuer, remittance and transfer company, operator of payment systems, and virtual asset services provider. Maya Bank is one of six BSP-licensed digital banks in the country.

Maya’s planned listing is part of its effort to raise fresh capital while also providing liquidity for existing investors and allowing PLDT Inc. to maintain its stake.

Current shareholders include PLDT and First Pacific, which together hold 39.6%, as well as KKR & Co., Tencent Holdings, and the International Finance Corp.

Last week, PSE President Ramon S. Monzon said Maya Innovations Holdings’ planned Philippine IPO remains on track for the third quarter this year despite global market volatility linked to conflicts in the Middle East.

For 2026, the PSE set a modest target of four IPOs, including those of electronic wallet platform GCash and PNB Holdings Corp., which plans to list by way of introduction.

The exchange fell short of its 2025 target of six IPOs, recording only two listings during the year — Top Line Business Development Corp. and Maynilad Water Services, Inc.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., holds a majority stake in BusinessWorld through the Philippine Star Group, which it controls.