Philippine Stock Exchange

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The Philippine Stock Exchange or PSE is a private, nonprofit and nonstock establishment that aims to provide and hold a fair, efficient, effective and peaceful market for buying and selling of stocks, warrants, bonds and other securities in the Philippines.


Roles and Responsibilities

The Philippine Stock Exchange plays an integral role in the Philippine economy. It consolidates and updates all companies that aspire to raise capitals by bringing in new securities. It lists all these enterprises and their respective shares. It also records each of their finances, growth of funds, expansion and development of new jobs.


It was on 8 August 1927 when W. Eric Little, Gordon W. Mackay, John J. Russell, Frank W. Wakefield and W.P.G. Elliot, five prominent businessmen that are based in Manila thought about how they would accelerate the business environment in the Philippines. They felt that it could be done by increasing all business tradings and dealings in the country. They established the Manila Stock Exchange in downtown Manila. MSE is the first stock exchange in the Philippines and the oldest one in the Southeast Asia.

On 27 May 1963, Hermenegildo B. Reyes, Bernard Gaberman, Eduardo Ortigas, Aristeo Lat and Miguel Campos, another five businessmen established Makati Stock Exchange. Two years later on November 16, MkSE started their operations in Makati.

The two stock exchanges continued to exist although they are two separate entities, they base all their transactions on the same business list. Due to the confusion of foreign and local investors, the Philippine government declared to merge MSE and MkSE. They named it as the Philippine Stock Exchange or PSE. Their unification became official on March 4, 1994.

In 1998, the PSE was granted the Self-Regulatory status by the Securities and Exchange Commission. This allowed the PSE to impose its own rules and regulations, as well as corresponding penalties.

Following its reorganization and transformation into a share-holder based and income-generating entity, the PSE (PSE: PSE) shares were listed by way of introduction on 15 December 2003.

Today, the PSE is the only systematized stock exchange organization in the country.

New Trading System

In line with its effort to improve the trading system, the PSE replaced its 17-year old MakTrade Sytem with the New Trading System (NTS). The NTS was acquired through a memorandum of agreement (MOA) signed in 2008 from the NYSE Euronext Technology SAS (NYXT). The NTS was launched on 26 July 2010.

Among the new changes implemented were: Modification of orders under the good-till-cancel (GTC) order, implementation of market phases, and new board lots and their corresponding fluctuations.

Modification of orders under the GTC

Under the NTS, a GTC order is now shorten to just five days instead of the previous seven. Under a GTC, a buyer or seller can enter a specific order with corresponding criterion and once those criteria are met within the five-day period, the trade will be executed.

Implementation of market phases

Under the NTCS, the trading hours end at 11:57 but modification and cancellation of orders can are still allowed until 11:59. At 12:00, the market enters trading-at-last period until 12:10 when the market officially closes.

New board lots and fluctuations

Under the NTS, a new set of board lot and fluctuations were also implemented.

Price Minimum fluctuations (Tick size) Lot size
0.0001-0.0099 0.0001 1,000,000
0.01-0.049 0.001 100,000
0.05-0.249 0.001 10,000
0.25-0.495 0.005 10,000
0.5-4.99 0.01 1,000
5.00-9.99 0.01 100
10.00-19.98 0.02 100
20.00-49.95 0.05 100
50.00-99.95 0.05 10
100.00-199.90 0.1 10
200.00-499.80 0.2 10
500.00-999.50 0.5 10
1,000-1,999 1 5
2,000-4,998 2 5
5,000-up 5 5


When the Manila and Makati Stock Exchanges have yet been unified, there were three sectors which companies were classified into: Commercial and Industrial, Mining, and Oil. After the two exchanges were unified in 1994, the property sector made its debut; and in 1996, Banks and Financial Services sector was created.

Initially, because of the possibly that a company may engage in businesses that can fall into different sectors, the PSE classifies the company according to its primary purpose according to its Articles of Incorporation. But in 2006, PSE revised this standard and instead, adopted a new sector classification system. Under this, a company is classified according to the business that generates the most revenue instead of its primary purpose.

PSE has six sectors which categorizes all listed businesses and enterprises. These are:

  • Financial Sector (includes banks, investments and other financial institutions)
  • Industrial Sector (includes companies that offers electricity, energy, power, water, food, beverage, tobacco, construction, infrastructure, chemicals, etc.)
  • Holding Firms (includes companies that holds more than 3 businesses under different sectors)
  • Property Sector (includes land and property development)
  • Services Sector (includes media, telecommunication, I.T., technology, hotel and leisure, education, etc.)
  • Mining and Oil Sector (all mineral and oil extraction, production and exploration)

Local Associations

  • Security Clearing Corporation of the Philippines
  • Philippine Dealing System Holdings Corporation
  • Association of Securities Analysts of the Philippines, Inc.
  • Bankers Association of the Philippines
  • Philippine Association of Securities Brokers and Dealers, Inc.
  • Philippine Association of Stock Transfer and Registry Agencies, Inc.
  • Philippine Chamber of Commerce and Industry
  • Philippine Stock Exchange Foundation, Inc.
  • Securities Investors Protection Fund, Inc.
  • The American Chamber of Commerce of the Philippines, Inc.

Foreign Affiliations

  • Association of National Numbering Agencies
  • East Asian and Oceanian Stock Exchanges Federation
  • The World Federation of Exchanges

Government Agencies

Stock Transfer Agents

Board of Directors

At present, the PSE has 15 board directors:




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