Philippines stocks eye 2021 post-COVID recovery

Philippine firms are investing in expansion plans this year, based on an economic recovery from the COVID - 19 pandemic.

Ramon Monzon, Philippine Stock Exchange president and CEO Ramon Monzon, told reporters at the moment, "We cannot hit the same record as we did last year." We are hoping that we can reach the 200 billion pesos level. A record 234.5 billion were raised last year through IPOs, including the record $1 billion listing of food maker Monde Nissin Corp, and the sale of existing shares, more than double the 104 billion pesos in 2020.

There were six initial public offerings IPO and follow-on share sales in the pipeline, and companies had raised 76 billion pesos on the stock market by the end of July, according to the PSE data.

Monzon said that the PSE is watching a possible postponement of share sales because market volume and performance are tepid.

The Philippines' broader index has fallen 5.9 per cent this year, weighed down by a weak peso and elevated inflation, making it the second-worst performer after Vietnam.