The Philippine Stock Exchange Inc. (PSE) has refuted claims circulating online about the market capitalization of listed companies, which the company believes are aimed at provoking investors to lose confidence in the country’s capital market.
‘The PSE would like to set the record straight once and for all on the true and correct market capitalization (MCAP) data of the listed companies in the PSE,’ the exchange said in a statement yesterday.
The PSE’s statement was made in response to a post last Oct. 10, 2025 on social media ‘by a pseudo-expert on the stock market,’ which it said ‘advanced the preposterous claim that the PSE has lost up to P5 trillion in market capitalization since December 2024.’
The PSE said that it tracks two types of MCAP – domestic and total.
Domestic MCAP includes the MCAP of the Philippine companies whose primary listing is at the PSE, while total MCAP includes domestic MCAP plus the MCAP of certain foreign companies dually listed in the PSE.
The PSE said that dually listed firms include Manulife Financial Corp. (traded on the Toronto, Hong Kong, New York and Philippine stock exchanges), Sun Life Financial Inc. (traded on the Toronto, New York and Philippine stock exchanges) and Del Monte Pacific Ltd. (traded on Singapore and Philippine stock exchanges).
Since only less than one percent of the outstanding shares of Manulife and Sun Life and less than five percent of Del Monte are lodged for trading in PSE, the exchange said that it uses domestic MCAP data as the MCAP reference number ‘since it more accurately captures the performance of the Philippine stock market.’
The PSE said domestic MCAP is down by P273.26 billion or 1.88 percent year-to-date.