The Philippine Dealing and Exchange Corp. (PDEX) is poised to raise up to P600 billion in capital through its fixed-income trading platform this year, nearly double the P360 billion achieved in 2024. The projected surge comes despite ongoing geopolitical tensions and persistent inflation concerns.
PDEX president and CEO Antonino Nakpil explained that the exchange originally targeted P400 billion for 2024, but this year’s numbers are buoyed by increased refinancing activity, particularly from banks and real estate firms. While Nakpil hinted that the exchange might adjust its target downwards depending on external factors, he expressed confidence in the resilience of the domestic economy.
“There’s been a shift towards refinancing,” Nakpil said, adding that a significant portion of the 2025 activity is already planned, with the first quarter expected to see a steady flow of bond issuances. “We’ll see them starting in February. These are the same players as last year, but they’re just tapping the market now.”
“Interest rates may fluctuate, but the reality is, businesses have adapted to the environment. The economy’s resilience is a major driver.”
PDEx president and CEO Antonino Nakpil
The exchange is also focusing on broadening access to the bond market, particularly for micro, small, and medium enterprises (MSMEs). Nakpil revealed plans to digitalize the bond issuance process and offer smaller investment amounts to cater to this segment.
If the P600 billion target is reached by the end of 2025, it would mark a significant milestone for PDEX, surpassing the P500 billion raised in 2022.
Despite uncertainties related to inflation and global economic instability, Nakpil emphasized that private sector fundraising remains robust. “Interest rates may fluctuate, but the reality is, businesses have adapted to the environment. The economy’s resilience is a major driver,” he said.
For the equities market, PDEX’s continued success in raising capital underscores a strong domestic appetite for fixed-income instruments, even in volatile global conditions. This trend highlights investor confidence in the Philippine market’s stability and the ongoing importance of the fixed-income segment in supporting economic growth.
