ICTSI, SMC, Ayala wooed to list abroad – SEC exec

MANILA, Philippines — Top Philippine companies and index heavyweights International Container Terminal Services Inc. (ICTSI), San Miguel Corp. (SMC) and Ayala Corp. have caught the eye of various exchanges to list offshore, according to Securities and Exchange Commission (SEC) commissioner Rogelio Quevedo.

Quevedo said Enrique Razon Jr.’s ICTSI, Ramon Ang-led SMC and Ayala of the Zobel clan are being wooed by international exchanges to list in respective bourses.

“I have been invited by the various stock exchanges because the stock exchanges of the ASEAN would rather encourage cross regional listings, wherein corporations will be listed not only in their home countries,” Quevedo said.

“They were actually inviting ICTSI, San Miguel and Ayala Corp. to list in the Hong Kong Stock Exchange and in Singapore. I just don’t know how it will affect our own Philippine Stock Exchange (PSE),” he said.

ICTSI, SMC and Ayala are all listed in the PSE and are members of the main PSEi, the 30-company index of highly traded and most capitalized listed firms on the exchange.

“These are cross-listings. However, my worry is if they are registered in Hong Kong and also in the Philippines, if you are an investor, where will you engage? Probably in Hong Kong, right? So our stock exchange will suffer” Quevedo said.

“That is why I, myself, as a member of the Securities and Exchange Commission, would like to introduce reforms in order to revitalize our PSE,” he said.

ICTSI, one of the world’s biggest port operators, is the first domestic listed company to reach a P2-trillion market capitalization (MCAP).

It achieved the feat when it closed with a P2.01 trillion MCAP on July 14, 2026. Its MCAP reached an all-time high of P2.07 trillion on July 20, 2026, after the firm’s share price closed at a record P1,027.00 apiece.

SMC, meanwhile, is a diversified conglomerate operates in various segments such as beverages, food, packaging, energy, fuel and oil and infrastructure.

Ayala, for its part, has investments in various sectors such as real estate, banking, telecommunications and renewable energy. It likewise has a growing presence in health care, mobility and logistics as well as investments in industrial technologies, education and other ventures.

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