The Philippine Stock Exchange (PSE) reported a 25 percent increase in its net income after tax, reaching P495.7 million for the first half of 2025, mainly driven by the consolidation of the Philippine Dealing Systems Holding Corporation (PDSHC) into its operations.
The PSE’s acquisition of a controlling interest in PDSHC significantly boosted its earnings, particularly through a surge in operating revenues. According to the exchange, total operating revenues rose by 82 percent, with a major contribution coming from higher trading-related and listing-related fees.
Trading-related fees saw a sharp increase of P233.9 million, attributed to the inclusion of transaction fees from PDSHC’s subsidiaries. Listing-related revenues also improved, growing by P36.7 million due to increased listing and maintenance fees.
Despite a 70 percent rise in total expenses, the revenue growth from its expanded operations was sufficient to drive up the PSE’s bottom line for the period.
The strong performance comes amid a year of strategic adjustments for the PSE, which included regulatory reforms aimed at revitalizing the capital markets. In March, the exchange reduced the minimum public float requirement for initial public offerings (IPOs) from 20% to 15%. The move was designed to encourage more companies to list following a subdued IPO market in 2024.
Top Line Business Development Corporation, an energy company based in Cebu, became the first to take advantage of the new float requirement, launching its IPO earlier this year. Market analysts see this development as a positive sign that more companies may soon follow suit.
Meanwhile, the main index posted a modest rebound at the end of the first quarter, helped by improving investor sentiment and optimism over lower inflation and stronger economic data.
The integration of PDSHC’s operations is expected to continue reshaping the PSE’s financial landscape in the coming quarters, with the exchange now overseeing both equity and fixed-income market platforms. Officials hope this move will lead to greater efficiency, transparency, and liquidity in the country’s capital markets.
The PSE has not yet released its full-year guidance, but industry observers note that with the expanded revenue base and continued reforms, the bourse is on track for another year of growth.