Gov’t eyes emerging tech board at PSE as 15 firms signal interest

By Justine Irish D. Tabile, Reporter

THE government is exploring the creation of an emerging technology board at the Philippine Stock Exchange (PSE) to allow high-growth technology firms to access public capital, the Department of Information and Communications Technology (DICT) said.

DICT Secretary Henry R. Aguda said he is working with the PSE, the Securities and Exchange Commission (SEC), and the Department of Trade and Industry (DTI) to establish the board.

“So, we’re still conceptualizing,” he told reporters on Monday, noting that the board’s design will be inspired by the Nasdaq-style technology board, a US-based exchange known for listing high-growth technology companies and innovation-driven firms.

“We started talking about it last year… Right now, we are still doing the technical evaluation,” he added.

Mr. Aguda said the board aims to advance President Ferdinand R. Marcos, Jr.’s vision of making the capital market more accessible.

“Second, we should have an honest-to-goodness technology stock market because, in other countries, it is the technology that’s driving the [market],” he said. “So, we should do the same.”

He added that the government plans to finalize policy for the emerging technology board this year.

“Realistically, we can complete it this year. Hopefully by the first half,” he said.

The proposal has received support from PSE President and Chief Executive Officer Ramon S. Monzon and SEC Chairperson Francisco Ed. Lim.

“The two of them combined are very progressive. So, I think it is going to move fast,” Mr. Aguda said.

On the board’s regulatory framework, Mr. Aguda noted that the agencies have yet to define specific rules on public float, minimum market capitalization, and other listing requirements.

He said several Philippine technology companies are already preparing for potential listings.

“So, there are 15 companies that have signified interest… but of course, we do not expect all of them to list; interest is different from actually listing. So, 15 companies and counting,” he said.

China Bank Capital Corp. Managing Director Juan Paolo E. Colet described the board as a “promising concept.”

“Depending on how it is designed, the new board could potentially encourage local emerging technology companies to list on the PSE for fundraising,” he said in a Viber message.

He noted that the targeted companies would benefit from more flexible listing, disclosure, and corporate governance requirements.

“Moreover, it would help if the government would create or sponsor a public-private fund that will invest in PSE-listed technology companies to spur the growth of the sector,” he added.

Toby Allan C. Arce, head of sales trading at Globalinks Securities and Stocks, Inc., said the board could address “structural weaknesses that have long weighed on the Philippine stock market.”

“At its core, such a board could lower the barriers for high-growth, innovation-driven companies to access public capital by offering more flexible listing requirements, valuation frameworks, and disclosure rules that better reflect the realities of tech and digital businesses,” he said in a Viber message.

He added that conservative listing standards have discouraged fast-growing firms from going public locally.

“By broadening the type of companies that can list, the local course could become more representative of the modern economy rather than being dominated by mature conglomerates and traditional sectors,” Mr. Arce said.

He said the board could also attract younger investors, foreign funds, and domestic capital currently on the sidelines.

“Even a small number of credible tech listings could help re-rate market sentiment by shifting perceptions of the PSE from a low-growth, dividend-focused exchange to one with longer-term capital appreciation potential,” he said.

However, he cautioned that the board’s success will depend on execution and credibility, with investors expecting strong governance, clear risk disclosures, and robust regulatory oversight.

“If the board is perceived as a dumping ground for weak or speculative issuers, it could damage confidence rather than enhance it,” he said.

“Coordination among regulators will therefore be crucial to ensure consistent rules on disclosure, investor sustainability, and post-listing compliance, while allowing enough regulatory innovation to support new business models,” he added.

Meanwhile, the DICT on Monday signed a memorandum of understanding with the Intellectual Property Office of the Philippines to strengthen support for digital infrastructure innovations through a responsive and robust intellectual property system.

Under the partnership, the two agencies will work together to enhance the technical capacity of examiners who assess and manage innovations in artificial intelligence, blockchain, the Internet of Things, big data, and other emerging ICT fields.