PSEi Rallies 1.9% on the Week as World Bank Upgrades Philippines, GCash Files for Biggest-Ever Philippine IPO
The Philippine Stock Exchange Index closed the week at 6,188.03, up 1.02% on Friday and +1.91% on the week — the strongest weekly gain in recent months. A string of positive catalysts converged: a US-Iran ceasefire agreement, the World Bank’s upgrade of the Philippines to upper-middle-income status, and Mynt’s formal IPO filing for GCash.
Market Summary: Week of June 29 – July 3
| Day | PSEi | Change | Driver |
|---|---|---|---|
| Mon 6/29 | 6,133.41 | +1.01% | US-Iran ceasefire agreement |
| Tue 6/30 | 6,037.17 | −1.57% | Profit-taking |
| Wed 7/1 | 6,069.26 | +0.53% | Bargain hunting |
| Thu 7/2 | 6,125.72 | +0.93% | World Bank UMIC upgrade |
| Fri 7/3 | 6,188.03 | +1.02% | Continued buying, lower oil |
Previous Friday close (6/26): 6,072.24 → Week change: +115.79 (+1.91%)
Friday 7/3 Sector Performance:
| Sector | Change |
|---|---|
| Mining & Oil | +4.38% (sharp reversal from −2.78% prior week) |
| Holding Firms | +2.27% |
| Property | +1.29% |
| Financials | +1.22% |
| Services | +0.32% |
| Industrial | −0.05% |
Total turnover: PHP 4.44 billion / Volume: 1.07 billion shares / Advances 108, Declines 64
Most active by value: ICT (PHP 613M), AC (PHP 516M, +6.84%), ALI (PHP 278M), BPI (PHP 265M), BDO (PHP 206M)
The Big Stories
1. Philippines Upgraded to Upper-Middle-Income Country
The World Bank reclassified the Philippines from lower-middle-income to upper-middle-income on July 1 — the first reclassification since 1987. GNI per capita reached $4,850 in 2025, crossing the $4,636 threshold. The Bank cited average GDP growth of 5.8% over the past five years as a broad-based economic advance, not a sector-specific boom.
The upgrade could enhance sovereign creditworthiness and attract foreign investment, though it may also mean reduced access to concessional lending and the loss of certain trade preferences.
2. GCash Parent Mynt Files for Philippines’ Largest-Ever IPO
Mynt submitted its registration statement to the SEC and listing application to the PSE on June 27, targeting a Q4 2026 listing. The offering could raise up to PHP 92.3 billion (~$1.5 billion) at an implied valuation of ~$8 billion. Joint global coordinators are Morgan Stanley, J.P. Morgan, and UBS Singapore.
GCash’s 2025 numbers: 39.1 million monthly active users, 56.7 million average daily transactions, PHP 17 trillion in annual gross transaction value, and net income of PHP 17.2 billion for Mynt.
Meanwhile, rival Maya (formerly PayMaya) is also preparing a US-PSE dual listing targeting $500M–$1B in Q3 2026. If both go public this year, it would be the largest fintech IPO event in Southeast Asian history.
3. US-Iran Ceasefire
A reported agreement to halt retaliatory strikes, with peace talks to follow in Doha, Qatar, drove Monday’s rally. Lower oil prices resulting from the ceasefire are a meaningful tailwind for the import-dependent Philippines. Tuesday’s sharp pullback shows the market remains cautious on the durability of the agreement.
4. Other Notable Developments
- Globe Telecom received regulatory approval for direct-to-mobile satellite service with Starlink — the first Philippine telco to do so
- BSP projects June headline inflation at 6–7%, with declining oil and food prices as moderating factors
- Manufacturing PMI improved to 50.9 in June (expansion territory)
- BPI made InstaPay and PESONet transfers permanently free starting July 1
- Philippine exports rose 16.1% year-on-year in May to $21.23 billion
Portfolio Update: Week 3
| PHP | vs. Prior Week | |
|---|---|---|
| Market Value | 456,731 | +10,222 |
| Total Cost | 528,516 | — |
| Unrealized P&L | −71,786 (−13.58%) | improved from −15.52% |
| Consolidated Total | 460,563 | +10,222 |
No trades this week.
Key Movers (week-over-week)
| Ticker | 6/26 | 7/3 | Change | Note |
|---|---|---|---|---|
| AC | 422.20 | 480.80 | +58.60 | Biggest gainer; UMIC/GCash optimism |
| JFC | 131.50 | 145.80 | +14.30 | Continued recovery; Q1 earnings strong |
| GLO | 1,800 | 1,885 | +85.00 | GCash IPO + Starlink approval |
| BDO | 121.00 | 123.50 | +2.50 | Near breakeven (cost: 123.63) |
| DD | 12.68 | 11.28 | −1.40 | Pullback but still +62.5% |
Stock in Focus: The GCash vs. Maya IPO Race
Last week I featured Globe Telecom (GLO). This week the story advances: GLO subsidiary Mynt has formally filed for what would be the Philippines’ largest-ever IPO.
But it’s not just a GCash story. Maya, backed by PLDT/First Pacific, KKR, and Tencent, is targeting a dual US-PSE listing of its own.
GCash dominates in reach: 94 million registered users, massive transaction volume, and deep penetration in everyday payments. Maya competes on depth: as a licensed digital bank, it offers savings accounts (up to 15% annual interest), loans, stock trading, and crypto — all in one app.
As a GLO holder, the GCash IPO is directly relevant — it would surface the value of GCash that has been embedded in Globe’s stock price. But even for non-GLO holders, the dual IPO race is the most important fintech event in Philippine market history.
Watch Points for Next Week
- Can the PSEi push toward 6,200 and hold?
- Progress on US-Iran peace talks in Doha
- Official June inflation release (BSP estimate: 6–7%)
- GCash and Maya IPO roadshow developments
Closing Note
A genuinely good week. Three major positive catalysts in five trading days — that doesn’t happen often in a market that’s spent most of 2026 grinding lower. The portfolio improved to −13.6%, with AC’s surge (+58 pesos on the week) doing heavy lifting alongside JFC’s continued recovery. BDO is now just 13 centavos away from breakeven. Small things, but they add up.
This post is a personal investment record and does not constitute financial advice. Investing in Philippine equities involves currency risk, country risk, and other factors. Please make your own informed decisions.
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