A little over a dozen companies listed on the Philippine Stock Exchange (PSE), including those owned by prominent families, are now required to submit monthly public ownership reports (POR)—an early-warning system established by the bourse to monitor firms teetering close to the minimum ownership threshold.
The PSE requires listed companies to submit monthly POR only if their public ownership falls below thresholds set just a few percentage points above the minimum required public ownership.
The PSE’s listing rules set the minimum public ownership at 10 percent for companies listed before 2017, 20 percent for those listed afterward, via initial public offering, backdoor listing or introduction, and 33.33 percent for real estate investment trusts (REITs). The reporting thresholds are 12 percent, 24 percent, and 39.999 percent, respectively.
Since the start of the year, companies submitting monthly POR include San Miguel Food and Beverage Inc. (11.73 percent public ownership), First Gen Corp. of the Lopez family (11.67 percent), Philippine Savings Bank of the Dy family’s Metrobank Group (11.61 percent), Filinvest Development Corp. of the Gotianun Group (10.73 percent), and Vistamalls of the Villar Group (10.30 percent).
In 2017, the PSE amended its listing rules, increasing the minimum public ownership requirement for companies listing after that year as part of a broader effort to enhance market liquidity, attract quality long-term investors, improve market efficiency, and prevent collusion and price manipulation.
Companies that fail to maintain the minimum public ownership are eventually delisted, with a five-year ban on re-listing. Directors and officers of delisted companies are also prohibited from joining other listed firms for the same period.
Between 2023 and 2024, a total 10 companies have been delisted from the PSE for various reasons.
