Marcos leads landmark GCash IPO listing at PSE

MANILA (2nd UPDATE) — President Ferdinand Marcos, Jr. on Tuesday graced the initial public offering (IPO) listing ceremony of Mynt Inc, the parent company behind the popular e-wallet GCash. 

This is the biggest IPO in PSE history. 

In his speech, Marcos hailed Gcash’s innovation to make investment opportunities more accessible to Filipinos.

“Now,. GCash is a part of everyday Filipino life. It is now a verb: ‘i-GCash mo na lang,’” he said. 

“Sa pamamagitan ng e-wallet app, pwede na tayo magbayad ng bills, bumili ng kailangan, o magpadala ng pera sa pamilya gamit lamang ang ating cellphone,” he noted. 

“In fact, the same phone that Filipinos are using to pay bills, to buy groceries, or send money to their families can now be used also to participate in Mynt’s public offering,” the President said.  

For P660, Filipinos were given the chance to purchase 100 shares of Mynt earlier this October. 

“This just shows that digital technology can make investment opportunities more accessible to everyone,” Marcos said.

He said GCash has changed the landscape in Philippine finance, after its rapid development accelerated by the COVID-19 pandemic.  

“E-wallets, which were once a fairly new concept that many felt unsure of, has become a necessity,” he said.

“What began as a convenient way to send and receive money has grown into one of the country’s leading financial technology companies,” Marcos said.

He said e-wallets also contributed to the development and flourishing of the country’s MSMEs. 

“Malayo na rin ang pinagbago ng konsepto ng e-wallet. Mayroon na ngayong loan, savings, at investment na puwedeng ma-access ng bawat Pilipino,” he said. 

Marcos hailed Mynt’s milestone with its PSE listing. 

“It is a significant achievement, demonstrating that world-class innovation can be built and scaled here in the Philippines,” he said.

“The timing of this listing is especially meaningful, as our stock market needs renewed investor interest and broader participation,” Marcos added.

Marcos recognized that investors have “become more cautious and that attracting fresh capital remains a challenge”, and said that Mynt’s initial public offering “gives us reason for optimism.”

“The strong interest it has attracted from local and international investors is proof of the continued confidence in Filipino enterprise,” he said.

The President said his administration remain “committed to building a capital market that is more attractive to investors and accessible to more Filipinos.”

“Through the Capital Markets Efficiency Promotion Act, or CMEPA, we reduced the stock transaction tax from zero-point-six percent to zero-point-one percent, helping to lower trading costs and to improve the competitiveness of our market,” he said. 

“We will continue to pursue reforms that strengthen investor confidence and support the development of our capital market,” Marcos added. 

He also promised that government will continue to work to improve the ease of doing business, promote fair competition, and to support responsible innovation.