Philippine IPO Market 2025 Slumps to Just Two Listings as Corruption Scandal Hits

The Philippine capital market's hitting a wall. In 2025, only two companies went public on the local exchange, failing miserably against the target of six listings. It's a stark sign that investors are cooling off as a massive corruption scandal and global trade tensions rattle the nation's economic foundations.

Why the Philippine IPO Market 2025 Stalled

According to Nikkei Asia, a flood control graft scandal is at the heart of this slowdown. The controversy sparked massive protests in Manila, damaging business confidence. While President Ferdinand Marcos Jr. tried to signal stability by attending Maynilad Water Services' IPO ceremony in November 2025, it wasn't enough to lure cautious firms back to the trading floor.

External pressures aren't helping either. Fears over U.S. tariffs have made exporters rethink their growth plans. Even local giant Jollibee is looking to list its international operations in the U.S. instead of focusing on the domestic market, signaling a potential capital flight.

Worsening Economic Outlook and Risk

The government has recently cut its growth targets for 2026 while increasing spending, a move that's raised eyebrows among fiscal hawks. Despite repeated interest rate cuts by the central bank to stimulate the economy, the stock market remains sluggish. The friction between retail giants like SM Prime and traditional vendors further highlights the complex domestic environment.