More Philippine banks to list on PSE

Financial sector outperforming the main PSE index.

Philippine Stock Exchange CEO Hans Sicat expects more banks to list in the stock exchange as the entire financial sector will remain strong and stable over the next few years.

Sicat said close to US$93 million was raised through an initial public offering of three thrift banks.

“I do hope that more banks consider listing at the stock exchange despite the recent sell-off,” Sicat said.

He said also anticipates a number of foreign banks to list in the stock market until 2014 in compliance with the Bangko Sentral ng Pilipinas rules.

There are currently 31 financial institutions listed at the ,SE, of which 17 are banks, 10 universal banks, three commercial banks, three thrift banks and one development bank.

He also said he sees more consolidation in the banking industry with BSP providing ample incentives for merging banks.