Globe Telecom Inc. remains firmly committed to taking its fintech arm GCash public, undeterred by mounting economic uncertainty tied to U.S. President Donald Trump’s new tariff policy.
Globe president and CEO Carl Cruz reaffirmed the company’s IPO ambitions, saying that preparations are in full swing despite external headwinds. “What we are doing at Globe and GCash is to make sure that all hands are on deck to ensure a successful IPO for GCash,” Cruz said. “Nothing has changed on that front. It will be in push-button mode very, very soon.”
Cruz emphasized that the timing of the listing will be strategic, with a focus on maximizing market conditions. “We want to ensure the macroeconomic environment when we do the IPO will be very conducive for this particular offering to be the most successful in the Philippine market,” he added.
According to a Bloomberg News report, GCash is aiming to raise between USD1 billion and USD1.5 billion through a potential IPO in the second half of 2025.
The recent “Liberation Day” tariff proclamation by President Trump, which imposes a minimum 10 percent duty on all U.S. imports and higher rates on goods from 57 countries, has added complexity to the timeline. Globe CFO Carlo Puno acknowledged the policy shift introduces a layer of unpredictability.
“This uncertainty does not stop us from preparing,” said Puno. “The goal here is to get GCash to a point where we are push-button ready so when the market opens up… we will push that button for IPO.”
“Whether that happens this year or next year, it is really dependent on how this whole liberation in tariff evolves over the next few months,” he added.
GCash, operated by Globe’s fintech unit Mynt, has already demonstrated strong investor backing. In August 2024, Japan’s Mitsubishi UFJ Financial Group (MUFG) injected USD786 million into Mynt, boosting GCash’s valuation to USD5 billion — more than double its 2021 figure.
The investment also reshaped the shareholder landscape. Ayala Corp., through AC Ventures Holdings Inc., increased its stake in Mynt from 8 percent to 13 percent, while MUFG Bank Ltd. acquired an equal 8 percent stake. Prior to the deal, major stakeholders included Globe Telecom with 35 percent and Ant Group with 34 percent.
Despite the wait for favorable conditions, these strategic investments reflect robust confidence in GCash’s long-term potential and its role in transforming the Philippine digital finance ecosystem.
