The “Liberation Day” tariffs imposed by U.S. President Donald Trump have introduced fresh uncertainty around the timing of GCash's highly anticipated initial public offering (IPO).

“The Liberation Day added a lot of uncertainty,” Globe Telecom, Inc. Chief Financial Officer Carlo Puno said during a media briefing on Tuesday.

“I think this uncertainty does not stop us from preparing. Whether that happens this year or next year depends on how this whole liberation in tariff evolves over the next few months.”

Puno, however, noted that Globe is still positioning GCash to move swiftly once market conditions become more favorable.

“The goal here is to get GCash to a point where we are push-button ready. So when the market opens up—if we find the window where the valuations and interest we’re getting are appropriate and acceptable—we will push that button for IPO,” Puno explained.

Earlier this month, Trump declared “Liberation Day” and announced the most sweeping U.S. tariff hike since the 1930 Smoot-Hawley Act. A 10 percent flat tariff on all imported goods took effect, followed by country-specific tariff impositions.

Canada and Mexico were largely exempt, while sector-specific tariffs—covering steel, aluminum, autos, semiconductors, pharmaceuticals, copper, and lumber—were imposed separately.

The move raised concerns over its potential to disrupt global trade and dampen investor sentiment, adding complexity to IPO plans for firms like GCash.

Despite the uncertainty, Globe President and CEO Carl Raymond Cruz said IPO preparations remain on track.

“What we are doing at Globe and GCash is to make sure that all hands are on deck to ensure a successful IPO for GCash,” he said.

“Nothing has changed in the front. It will be in push-button mode very, very soon. We want to ensure the macroenvironment, when we do the IPO, will be very conducive for this particular offering to be the most successful in the Philippine market.”

The GCash IPO is among the most anticipated listings in the country this year, with reports indicating a target valuation of at least $8 billion.

GCash is owned by Mynt, a fintech company backed by Globe, Ayala Corp., and Japan’s Mitsubishi Corp. Following an ₱18.4-billion agreement, Ayala and Mitsubishi now hold equal ownership of AC Ventures Holding Corp., which holds stakes in Mynt.

In 2024, Mynt contributed ₱3.8 billion in equity earnings, driven by an 85 percent surge in loan disbursements and a 171 percent increase in life-to-date insurance policies sold.