Philippine Stock Exchange
The national stock exchange and central public-equity market of the Philippines.
Last updated August 21, 2026
AI crawler reads
No AI crawler has read this profile since Oct 28, 2026.
Overview
The Philippine Stock Exchange (PSE) is the national stock exchange of the Philippines and the country’s principal organized marketplace for publicly traded securities. It brings together listed companies seeking capital, investors seeking exposure to Philippine businesses, and trading participants that execute orders on behalf of clients. Its activities include equity listing and trading, market disclosure administration, index publication, market supervision, and coordination of clearing and settlement through affiliated infrastructure. The modern PSE was created through the consolidation of the Manila Stock Exchange and the Makati Stock Exchange. The Manila exchange traces its origins to 1927, while the Makati exchange was established in 1963. The two markets historically traded the same securities, creating a fragmented market structure. Their systems were progressively connected during the 1990s, and the unified Philippine Stock Exchange was formed in December 1995. The consolidation established one national venue and one price-discovery process for Philippine equities. The exchange received self-regulatory organization status from the Securities and Exchange Commission in 1998. This enabled it to administer exchange rules and impose sanctions within the scope of its regulatory authority. In 2001, the organization shifted from a non-stock, member-controlled structure to a shareholder-owned, revenue-generating corporation. Its own shares began trading on the exchange in December 2003 under the symbol PSE, making the operator itself a listed company. The PSE’s primary equity benchmark is the PSE Composite Index, commonly called the PSEi. The index is designed to represent leading listed companies and is complemented by the broader All Shares Index, sector indices, and newer thematic and capitalization-based indices. The exchange also supports listings on its First Board, Second Board, and Small and Medium Enterprises Board. Exchange-traded funds and real estate investment trusts are among the products available through the market, although the PSE remains principally identified with listed equities. Operationally, the exchange moved from separate legacy systems to a unified electronic order book. A linked trading arrangement in the 1990s was followed by the Unified Trading System, the PSEtrade platform introduced in 2010, and PSEtrade XTS, introduced in 2015 using technology acquired from Nasdaq. The exchange also introduced the Online Daily Disclosure System in 2005 to enable listed companies to submit material information electronically and improve the timeliness and accessibility of market disclosures. Securities Clearing Corporation of the Philippines became a wholly owned PSE subsidiary in 2004 and performs clearing, settlement coordination, risk-management, and trade-guaranty functions for eligible transactions. The PSE has historically operated physical trading floors in Makati, Ortigas, and later Bonifacio Global City. It permanently closed its remaining trading floor in June 2022 after pandemic-era remote operations demonstrated that trading could continue without a centralized floor. The exchange subsequently emphasized electronic and floor-less trading as part of its digitalization strategy. As a market institution, the PSE’s positioning is that of critical national financial infrastructure rather than a consumer-facing product brand. It supports capital formation, corporate governance, price discovery, and investor access while operating within the regulatory framework of the Philippine Securities and Exchange Commission. Its performance and relevance are often discussed through the PSEi, market capitalization, trading activity, listings, disclosures, and the development of products intended to broaden participation in the Philippine capital market.
History
The institutional history of the Philippine Stock Exchange begins with the Manila Stock Exchange, established in 1927 in Binondo, Manila. A second organized securities market, the Makati Stock Exchange, was created in 1963 in Makati’s central business district. For many years the two exchanges operated in parallel while trading the same securities. This arrangement divided market activity between venues and made the development of a single national price-discovery mechanism more difficult. The exchanges began modernizing and connecting their operations during the 1990s. The Manila market started computerizing operations in January 1993 through the Stratus Trading System, while the Makati market adopted the MakTrade system later that year. Their systems were linked in March 1994, creating a one-price, one-market arrangement in which orders from the two venues could be brought together. In November 1995, the Unified Trading System introduced a single electronic order book in which orders were posted and matched through one system. The unified Philippine Stock Exchange was formed in December 1995 through the merger of the Manila Stock Exchange and the Makati Stock Exchange. Although the modern institution dates from the merger, the exchange’s historical continuity is commonly traced to the Manila market’s 1927 establishment. The consolidation created the country’s national exchange and provided a common institutional framework for listings, trading, market supervision, and disclosure. A major governance milestone came in June 1998, when the Philippine Securities and Exchange Commission recognized the PSE as a self-regulatory organization. This status gave the exchange authority to create and enforce rules for trading participants and listed companies within the limits of securities law and regulatory oversight. In 2001, the PSE changed from a non-profit, non-stock, member-governed organization into a shareholder-owned corporation designed to earn revenue and operate under a conventional corporate structure led by management and a board. The exchange itself became publicly traded on December 15, 2003, when shares of The Philippine Stock Exchange, Inc. began trading under the symbol PSE. This made the market operator a listed company on its own venue. In October 2004, the Securities Clearing Corporation of the Philippines became a wholly owned subsidiary. The subsidiary supports clearing and settlement for eligible trades, coordinates settlement, manages transaction-related risks, and administers the trade guaranty fund. The PSE continued to invest in market technology and transparency. In 2005, it adopted the Online Daily Disclosure System, giving listed companies an electronic channel for submitting disclosures and giving market users more direct access to material information. In July 2010, PSEtrade replaced the earlier MakTrade platform. In June 2015, PSEtrade XTS replaced PSEtrade, with the new system sourced from Nasdaq. These changes reflected the exchange’s movement toward standardized, automated order handling. The PSE’s market profile expanded through index development and new listed instruments. The PSE Composite Index became the principal measure of large and representative Philippine equities, while the exchange maintained broader and sector-based indices. The PSEi reached several major numerical milestones during the 2010s, including levels above 5,000 in 2012, 6,000 and 7,000 in 2013, 8,000 in 2015, and 9,000 in 2018. In 2019, the exchange added a total-return version of the PSEi. In 2022, it introduced dividend-yield and mid-cap indices as part of a thematic index initiative. The exchange’s physical presence also evolved. It previously operated separate trading floors associated with the former Makati and Manila exchanges. These were later consolidated at the Philippine Stock Exchange Tower in Bonifacio Global City. On June 24, 2022, the PSE permanently closed that trading floor and began operating on a floor-less basis. The decision followed the experience of COVID-19 restrictions, which demonstrated that electronic and off-site processes could support market operations without a traditional trading floor. Today, the PSE serves as the Philippines’ central listed-equity marketplace and a key component of the country’s capital-market infrastructure. It supports corporate listings, secondary trading, disclosures, indices, exchange-traded funds, real estate investment trusts, and related market services. Its operations remain subject to supervision by the Philippine Securities and Exchange Commission.
- 2022
Thematic index series launches
[1]The PSE introduces dividend-yield and mid-cap indices as the initial components of a thematic index series.
- 2022
Physical trading floor closes
[1]The PSE ends floor-based trading at Bonifacio Global City and adopts a floor-less operating model.
- 2019
PSEi Total Return Index is introduced
[1]The exchange launches a total-return version of its principal benchmark.
- 2015
PSEtrade XTS launches
[1]The PSE replaces PSEtrade with a Nasdaq-sourced trading platform.
- 2010
PSEtrade launches
[1]A new electronic trading platform replaces the earlier MakTrade system.
- 2005
Online Daily Disclosure System is adopted
[1]The PSE introduces a continuous electronic channel for listed-company disclosures.
- 2004
Clearing subsidiary becomes wholly owned
[1]Securities Clearing Corporation of the Philippines becomes a wholly owned PSE subsidiary.
- 2003
PSE lists its own shares
[1]The exchange operator begins trading publicly under the ticker PSE.
- 2001
PSE adopts a shareholder-owned corporate structure
[1]The exchange changes from a non-stock member organization into a shareholder-based, revenue-generating corporation.
- 1998
Self-regulatory status is granted
[1]The Securities and Exchange Commission recognizes the PSE as a self-regulatory organization.
Products and positioning
National capital-market infrastructure connecting Philippine companies, investors, brokers, and market-regulatory processes through a centralized public exchange.
Equity market · 1995
Listed equities
The PSE’s core offering is the listing and secondary trading of shares in Philippine public companies. Issuers use the exchange to raise capital and provide investors with a regulated venue for buying and selling equity interests. Companies may be admitted to the First Board, Second Board, or Small and Medium Enterprises Board, subject to applicable listing and disclosure requirements.
Market index · 1995
PSE Composite Index (PSEi)
The PSEi is the exchange’s principal equity benchmark. It is composed of a selected group of listed companies and is intended to represent leading Philippine equities. Constituents are selected under criteria that include capitalization, liquidity, and shareholder distribution requirements. The index is widely used as a reference for market performance and investment products.
Market index
PSE All Shares Index
The All Shares Index provides a broader measure of the listed equity market than the PSEi. It is designed to track a wider set of companies across the exchange and helps market participants assess overall equity-market movement beyond the largest or most prominent constituents.
Market index · 2022
Sector and thematic indices
The PSE publishes sector-based measures covering financials, holding firms, industrial companies, mining and oil, property, and services. It also offers indices such as the Dividend Yield Index and MidCap Index, allowing investors and analysts to examine market segments using different size, income, or thematic perspectives.
Market index · 2019
PSEi Total Return Index
The PSEi Total Return Index complements the price-based PSEi by incorporating the effect of distributions. It is intended to provide a broader representation of investor returns and improve the market’s analytical and benchmarking framework.
Trading platform · 2015
PSEtrade XTS
PSEtrade XTS is the exchange’s electronic trading platform introduced to replace PSEtrade. Sourced from Nasdaq technology, it supports centralized order handling and electronic matching in the PSE’s floor-less market structure.
Disclosure service · 2005
Online Daily Disclosure System
The Online Daily Disclosure System provides listed companies with an electronic channel for submitting disclosures, including material information and other required filings. Its purpose is to promote timely, fair, and accessible communication between issuers and the investing public.
Listed investment products
Exchange-traded funds and REIT listings
In addition to ordinary corporate shares, the PSE provides a listing and trading venue for exchange-traded funds and real estate investment trusts. These instruments broaden the range of market exposure available to investors and support the development of specialized investment structures in the Philippines.
Brand decisions
2022
Move to floor-less tradingStrategyBackground
COVID-19 restrictions demonstrated that exchange operations could continue through electronic and off-site processes.
Action taken
The PSE permanently closed its Bonifacio Global City trading floor and shifted to a floor-less operating model.
Aftermath
The decision reinforced the exchange’s digitalization strategy and ended its use of a traditional physical trading floor.
2015
Migration to PSEtrade XTSGeneration changeBackground
The PSE sought to replace its existing PSEtrade platform with a newer trading system.
Action taken
The exchange launched PSEtrade XTS using technology acquired from Nasdaq.
Aftermath
PSEtrade XTS became the principal electronic trading platform cited in the exchange’s modernization history.
2010
Replacement of MakTrade with PSEtradeProduct launchBackground
The exchange needed to modernize the platform used for electronic order handling.
Action taken
The PSE launched PSEtrade, acquired from the New York Stock Exchange, as the successor to MakTrade.
Aftermath
The exchange continued its transition toward modern electronic trading infrastructure.
2001
Conversion to a shareholder-owned corporationStrategyBackground
The exchange operated as a non-profit, non-stock, member-governed organization.
Action taken
The PSE adopted a shareholder-based corporate structure intended to generate revenue and operate under a conventional board-and-management model.
Aftermath
The change prepared the operator for its own public listing in 2003.
1995
Consolidation of the Manila and Makati exchangesM&ABackground
The Philippines had two exchanges trading the same securities, with separate trading systems and locations.
Action taken
The Manila Stock Exchange and Makati Stock Exchange were merged to form the Philippine Stock Exchange and a unified national market.
Aftermath
The consolidation established a single exchange framework and supported the subsequent development of a common electronic order book.
Recent events
- 2022
PSE launches thematic and mid-cap index series[1]
Product launch · Product generation
The exchange launched the PSE Thematic Index Series, initially including the PSE Dividend Yield Index and PSE MidCap Index.
- 2022
PSE closes its final physical trading floor[1]
Other
The exchange ended floor-based trading in Bonifacio Global City and moved to a fully floor-less operating model, citing lessons from pandemic-era remote trading and continued digitalization.
- 2019
PSE introduces a total-return benchmark[1]
Product launch · Other
The exchange introduced the PSEi Total Return Index to measure the performance of the main index while accounting for distributions, supporting broader market analysis.
- 2018
PSE Composite Index exceeds 9,000[1]
Other
The PSEi closed above 9,000 for the first time, reflecting a major high-water mark in the exchange’s benchmark history.
- 2015
PSE launches PSEtrade XTS[1]
Product launch · Product generation
The exchange launched PSEtrade XTS to replace PSEtrade, using a trading technology platform acquired from Nasdaq.
- 2013
PSE Composite Index reaches successive records in 2013[1]
Other
The benchmark crossed 6,000 early in the year and later reached several record closes, including levels above 7,000, before weakening amid global monetary-policy concerns.
- 2012
PSE Composite Index passes 5,000[1]
Other
The PSE Composite Index recorded a close above 5,000, marking a significant benchmark level for the Philippine equity market.
- 2010
PSE launches PSEtrade[1]
Product launch · Other
The exchange introduced PSEtrade as the successor to the MakTrade platform, using technology acquired from the New York Stock Exchange.
- 2005
PSE introduces electronic disclosure platform[1]
Regulation · Other
The Online Daily Disclosure System was adopted to provide continuous electronic access for listed-company filings and improve the availability of material market information.
- 2003
Philippine Stock Exchange becomes a listed corporation[1]
Other
After its conversion into a shareholder-based corporation, the PSE listed its own shares on the exchange under the ticker PSE.
Showing the 10 most recent.
Sources3 sources
Cite this profile: Cite the canonical profile. /brand-wiki/philippine-stock-exchange · Editorial policy · How profiles are compiled