PSE becomes the first stock exchange to endorse the PMC

The Philippine Stock Exchange (PSE) has become the first stock exchange to announce its endorsement of the Public Markets Coalition (PMC), a global coalition advancing public capital markets as a tool for mobilising investment into emerging markets and developing economies.

The PMC is a global community of practice that brings together development finance institutions (DFIs), multilateral development banks (MDBs), and their government shareholders to develop strategies to unlock the capital held in stocks, bonds, and other listed instruments for development finance. It is co-implemented by the Government of the United Kingdom, the Government of Norway and the African Development Bank (AfDB) and the Philippines supported its launch at the Fourth International Conference on Financing for Development (FFD4) in Seville, Spain, last year.

Institutional investors – including pension funds – hold the largest pools of capital in the world and invest almost all of it in products listed on stock exchanges. Since most development finance transactions currently take place in private markets, there remains a significant opportunity for the sector to tap into public capital markets to finance development outcomes.

The PMC is working to change this by uniting stakeholders in the sector to share existing knowledge, strengthen their capabilities, and develop more intentional strategies for using public markets for capital mobilisation. As a PMC endorser, the PSE will share its insights to support the Coalition in developing a toolkit demonstrating how development finance actors can integrate public markets into their investment approaches to increase investment and to develop local capital markets in emerging economies like the Philippines.

Ramon Monzon, President and CEO of the PSE, said:

“The role of markets has evolved with the times and has now become a formidable platform for countries to advance their sustainability agenda. PSE remains committed to expanding access to capital, supporting IPO growth, and deepening investments in emerging market and developing economies through initiatives such as the PMC. It is a privilege for the PSE to be the first stock exchange to formally endorse the PMC and support efforts to further scale sustainable financing through the public markets.”

 Cameron Khosrowshahi, Chairman of the PMC, said:

“The Philippine Stock Exchange (PSE) is already one of the deepest and most sophisticated capital markets in Asia, but many global investors do not have visibility on the growth and impact opportunities it provides exposure to.  We look forward to working with the PSE to build on progress to date, including through its partnership with the UK’s MOBILIST programme, to drive both commercial and developmental capital towards sustainable outcomes in the Philippines.”

The PSE has also been partnering with the UK government’s flagship public markets programme, MOBILIST, since 2023 to drive greater investment in sustainable development in the Philippines through products listed on the exchange. MOBILIST has invested in two initial public offerings (IPOs) on the PSE: Citicore Renewable Energy Corporation and Maynilad Water Services.