Seven Philippine firms plan to go public, offer REITs this year on recovery hope

Seven Philippine firms plan to go public or offer real estate investment trusts (REIT) this year, the stock exchange said on Monday, representing a spurt in capital market activity in an economy still shaken by the impact of the COVID-19 pandemic.

The Philippines, one of Asia’s fastest-growing economies before the pandemic, has long struggled to attract firms to its stock market, with just seven initial public offerings (IPOs) in the past three years.

However in 2021, at least three companies will go public and four property firms will conduct REIT offerings, Philippine Stock Exchange Inc President and Chief Executive Ramon Monzon said in a statement, without identifying the companies.

Last November, DoubleDragon Properties Corp said it planned raise as much as 14.7 billion pesos ($306 million) through a REIT in February.

REITs manage real estate assets such as hotels, office buildings and shopping malls that regularly generate profit. They are attractive to investors seeking regular dividends.

“Although the current economic environment remains fragile because of the unpredictability of the COVID-19 situation, we choose to be optimistic,” Monzon said, adding that restoring investor confidence will continue to be a challenge.

The bourse will relax listing rules this year to attract more companies, Monzon said. Also, new features will include short-selling, added sector classifications and indices, and a data analytics platform, he said.

At 272, the bourse lists the lowest number of companies among major Southeast Asian peers.

Funds raised through the bourse rose 2.9% in 2020 to 104 billion pesos ($2.17 billion), mainly through IPOs and follow-on share sales, bourse data showed.

The Philippines’ broader stock index declined 8.6% last year, plunging as much as 41% in March during the novel coronavirus-induced global market sell-down.

Reuters 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.