Manila:An executive from the Philippine Stock Exchange (PSE) emphasized the attractiveness of the local equities market despite ongoing economic challenges, citing the record-high volume of the recent initial public offering (IPO) by Mynt as evidence of resilience.

According to Philippines News agency, Roel Refran, PSE Executive Vice President and Chief Operating Officer, discussed the success of Mynt's IPO during a panel at the ASEAN Capital Markets Forum (ACMF) International Conference in Intramuros, Manila. Mynt, the parent company of the GCash financial services app, achieved a record-high volume in its IPO on October 20, raising PHP60.9 billion in investments.

President Ferdinand R. Marcos Jr. participated in the bell-ringing and listing ceremony at the PSE, noting the strong interest from both local and international investors as an indicator of confidence in Filipino enterprises. He remarked on the role of digital technology in making investment opportunities more accessible.

Refran highlighted that the substantial investment attracted by the IPO on its first day underscores the economic narrative of inclusivity and access to capital facilitated by GCash's services. He described the IPO as representative of the country's economic promise, stating that despite risks, there is significant potential.

Refran further explained that GCash connects underserved sectors of the economy, creating a multiplier effect. He emphasized that the capital markets remain attractive compared to other international classes due to these factors.