President Ferdinand Marcos Jr. on Tuesday committed to accelerating government reforms aimed at deepening the country’s capital markets and making stock investing accessible to more everyday Filipinos as he attended the trading debut of Mynt, Inc., the parent company of digital financial platform GCash.
Speaking at the official bell-ringing ceremony on the Main Board of the Philippine Stock Exchange (PSE) at the PSE Tower in Bonifacio Global City, the President highlighted the landmark listing as a clear vote of confidence in domestic tech innovation and local enterprise.
“Today, Mynt reaches another important milestone with its listing on the Philippine Stock Exchange. It is a significant achievement, demonstrating that world-class innovation can be built and scaled here in the Philippines,” Marcos said. “The timing of this listing is especially meaningful, as our stock market needs renewed investor interest and broader participation.”
Mynt’s initial public offering (IPO), which ran from October 6 to 12 at an offer price of P6.60 per share, raised approximately P53 billion from the sale of over eight billion shares, with total proceeds potentially reaching P60.9 billion. According to the Presidential Communications Office (PCO), the transaction stands as the largest IPO in Philippine capital market history.
The offering attracted over 20 top-tier global and local institutional investors. Retail participation was driven through GCash’s built-in GStocks PH feature, powered by AB Capital Securities Inc., which allowed individual users to purchase shares starting at a minimum order of 100 shares worth P660.
“We recognize that investors have become more cautious and that attracting fresh capital remains a challenge. But Mynt’s initial public offering gives us reason for optimism,” Marcos noted. “The strong interest it has attracted from local and international investors is proof of the continued confidence in Filipino enterprise.”
The President reaffirmed his administration’s commitment to implementing structural reforms to modernize the financial sector and lower transaction barriers for both institutional and retail participants.
Marcos specifically pointed to the enactment of the Capital Markets Efficiency Promotion Act (CMEPA), which slashed the stock transaction tax from 0.6 percent down to 0.1 percent, effectively lowering trading friction and enhancing the global competitiveness of the local exchange.
“We will continue to pursue reforms that strengthen investor confidence and support the development of our capital market,” the President stressed. “This IPO and Mynt provides another avenue by which our populace can now be more involved, be part of these financial markets, and create more capital which will lead to more investment.”
Marcos commended GCash for expanding beyond its original digital wallet functionality for utility payments and peer-to-peer transfers into a full-service fintech platform delivering savings, lending, and retail stock investments to millions of previously unbanked Filipinos.
Closing his address, the President urged the private sector to maintain its momentum in backing transformative domestic technologies while assuring business leaders of continued government backing.
“To our private sector partners, let us continue investing in ideas, in enterprise, and technologies that create jobs, expand opportunities, and improve lives,” Marcos said. “For its part, the Government will continue to work to improve the ease of doing business, promote fair competition, and support responsible innovation.”