The Philippine Stock Exchange Inc. (PSE) reported a 19.8 percent increase in first-half net income to P608.38 million from P508.03 million a year earlier, driven by stronger operating revenues.

In a Friday statement, the local bourse operator said operating revenues rose 9.4 percent to P1.44 billion from P1.31 billion, supported by higher trading and clearing revenues and increased depository securities account fees.

“Our first-half performance reflects a more active market, with average daily value turnover increasing by 13.5 percent to P7.72 billion from P6.80 billion a year ago,” PSE President and CEO Ramon S. Monzon said. 

He attributed the increase in liquidity partly to the Capital Markets Efficiency Promotion Act, which cut the stock transaction tax to 0.1 percent from 0.6 percent effective July 1, 2025.

Transaction fees increased 10.7 percent to P303.43 million, while Securities Clearing Corp. of the Philippines (SCCP) service fees rose 14.5 percent to P165.45 million as equity trading value climbed 14.5 percent to P926.54 billion from P809.27 billion.

Revenues from the Philippine Depository Trust Corp. increased 4.3 percent to P294.55 million, mainly due to higher fixed-income depository holdings, while other operating revenues nearly doubled to P184.49 million from P94.23 million.

Total costs and expenses remained contained, rising 3.13 percent to P728.90 million from P706.77 million.

The PSE is also reviewing its listing rules to make the market more accessible. The SEC has approved its tiered public ownership framework and revised preferred-share listing rules, including lowering the minimum offer size to P100 million from P1 billion and allowing direct listings.

“We are working toward a market that is easier to list in, less costly to trade in, and open to a wider range of investors and issuers,” Monzon said.

Monzon added that the PSE expects around P133.70 billion in forthcoming listings in the second half, including the planned IPOs of Mynt Inc. and Vitro REIT.