Philippine stock market struggles with IPOs in 2024 as interest rates rise

The Philippine Stock Exchange (PSE) aimed for six initial public offerings (IPOs) in 2024, targeting P40 billion. However, the market has struggled, with the PSE index dropping about 12% in two months, making it less appealing for new IPOs. Only three IPOs occurred in the Philippines this year, raising P11.86 billion, compared to 163 IPOs in Southeast Asia last year. High interest rates and market volatility deterred major companies from pursuing IPOs in 2024. Despite the challenges, PSE officials anticipate a better 2025, with hopes for easing inflation and interest rate cuts. They aim to raise P120 billion from the market next year, although some experts caution that market corrections may continue.