MANILA – The Philippine Stock Exchange (PSE) is optimistic about hitting its Php200-billion target capital to be raised this year despite the market retreat, a bourse official said.
“What we expect and still help the pipeline are the follow-on and stock rights offerings, additional listings… We are also seeing right now activities in the backdoor listing segment. We are on track in terms of total projection,” PSE chief operating officer Roel Refran said in an interview.
Refran said more companies are expected to raise capital in the second half of the year.
“It is still a good year for us (though) year-to-date, our growth is five percent compared to last year phenomenal (growth) at 22 percent. It’s an election year next year so it is always good for markets, the year preceding the election. It is always demonstrated by pick up in consumption,” he said.
Refran bared that there are two to three pending capitalaising applications.
While he declined to identify these companies, he said these would come primarily from the consumerelated and manufacturing sectors.
“I think the market is still looking for bigger offerings,” Refran added.
The local stock market has been volatile recently as the debt crisis in Greece continued. pna
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