It’s not you, it’s me: Are delistings hurting the PSE?

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Notes on the beat

MANILA, Philippines — Breakups hurt in relationships, and they often leave the person who got dumped with the question: “is it me?”

The Philippine Stock Exchange Inc., for one, is no stranger to being “friend-zoned” by companies after becoming their “partners” for years, even decades. But like any relationship, the PSE has no choice but to move on, no matter how broken-hearted it may be.

“You know delisting, I get bothered by it. People from the media make a big issue of that, it seems like it’s a reflection of the PSE,” PSE president and CEO Ramon Monzon said.

“But if you think of it, delisting is a natural evolution of the capital market,” he added.

Data from the PSE showed that over the past decade, or since 2016, 15 companies have voluntarily delisted from the exchange.

These companies that chose to break up with the PSE were Republic Cement & Building Materials Inc., Splash Corp., Liberty Telecoms Holdings Inc., Energy Development Corp., Travellers International Hotel Group Inc., Pepsi-Cola Products Philippines Inc., Eagle Cement Corp., 2GO Group Inc., Metro Pacific Investments Corp., Holcim Philippines Inc., Premium Leisure Corp., SFA Semicon Philippines Corp., Keppel Philippines Holdings Inc., 8990 Holdings Inc. and Asian Terminals Inc.

But looking at other exchanges across Southeast Asia, Monzon said the PSE actually has the fewest number of companies that have delisted.

In 2025, he said the Singapore Exchange had a total of 27 companies that delisted, or four percent of its total listed companies.

Indonesia had 15 firms that delisted or 1.6 percent of its roster of companies, while Thailand saw 13 companies leave its bourse last year.

“The Philippines, we had three. But because we only have about 282 listed companies, it’s a little over one percent (of the total),” Monzon said.

The three companies that delisted from the PSE in 2025 were Keppel Philippines Holdings and 8990 Holdings (both voluntarily delisted), while Philab Holdings Corp. was delisted involuntarily.

This year, Monzon said Singapore already had 11 companies that delisted as of May, while Thailand had two and the Philippines had only one, which is Asian Terminals.

Two more companies, however, will soon make their exit. Robinsons Retail Holdings Inc. has requested the voluntary delisting of the company from the PSE to take effect on July 28, 2026, while MerryMart Consumer Corp. also intends to leave the exchange as the company is set to become directly part of the DoubleDragon Group.

“That’s why when you ask, am I concerned? I’m concerned. Of course, you don’t want to lose listed companies. But because of this, I look at it as a natural evolution of the market,” Monzon said.

“New companies will list, some will want to delist. But I’m not that bothered about it because when you benchmark us against the other exchanges, we’re not doing as badly as it seems in terms of delisting,” he added.

For Monzon, the challenge is ensuring that all the companies listed on the PSE are supported by good infrastructure and fair treatment from regulators.

China Bank Capital Corp. managing director Juan Paolo Colet has cited the rise of alternative sources of capital, market undervaluation and thin trading liquidity as among the factors that are driving companies to delist from the market.

However, Colet said delistings are not unique to the Philippines, noting that they are also seen in other markets like Singapore, Hong Kong and even London.

As to the possibility of index heavyweight International Container Terminal Services Inc. (ICTSI) of tycoon Enrique Razon Jr. delisting from the PSE, Monzon said he does not respond to rumors.

“I don’t know where you hear those things because Mr. Razon is a friend of mine. While we are not in regular contact, we are able to contact each other when we need to. And he has not even asked me about this or talked to me about this. So it’s very hard for me to address something that’s speculative and a rumor,” Monzon said.

“I’ve been following ICTSI closely because I’m waiting for them to hit a certain milestone, at which point it will be the first P2-trillion listed company. I have been watching their price,” he added.

However, Monzon acknowledged the magnitude of such delisting if it would potentially take place.

“As I said, all delistings bother me. Can you imagine if the number one listed company in the market will delist? I may not be able to sleep for two weeks,” he said.

If it happens, Monzon said it would not only bother him, but the whole Stock Exchange and probably the country “because the capital market is a representative of the economy.”

While heartbreak is difficult, some say that it only makes us stronger. Hopefully, this applies to the PSE as more delistings will likely persist in the years ahead.