Some say there's still uncertainty you say what uncertainty because it was a resounding victory. That's correct. I mean I
think it's the first time the Philippines has elected a majority president. So you know
some people are looking at this very very positively. So what does it mean for equities today. They're down but further afield
for their upside. For the upside. I mean it's going to be tough. I mean they have
a lot of macro economic problems. As you know our foreign debt stretched for more than 60 percent of our GDP from just below 40
percent pre pandemic. We need the service and that's more than enough trees and
festivals. So I mean the new I guess the new economic theme is a lot of things. You know a lot of hard work in front of them. And
basically I think they really need to look at
I guess finding a new revenue stream. You know I mean we can't be I
guess sustain this economy. Yes. You know what do we have now. Increase taxes. You've got to look for a new revenue stream. How
optimistic are you. And linked to that. Can that reversal in capital outflows be stopped to be revised. Well I think
for the foreign investors there will be a shark. Wait and see. See who the economic team will be. I think that's the most
important thing that change the administration not so much as the president. That's who the economic team is as
far as the business is concerned or the stock exchange for that matter.
But you know the new administration that's a lot of things I guess going for it. OK. I mean in terms of
new legislation we have recently amended the Retail Trade Liberalization Act. We have recently amended the Foreign
Investments Act the Public Service Act. We have ease of doing business. We have a new tax regime that
create the law was recently passed. We have the feedback to look forward to. We should you know reduce taxes on capital
transactions. So I think the ingredients are there. It's just a question of feeling fine that you know hoping that you know that
your team will have this dynamism that you know the country its. Mean what about market structure that in the Philippines. What
needs to be perhaps reformed with that. Because there have been some there's been some criticism about it being a little bit old
fashioned. Yes.
You know I hate to agree David but we have a lot of initiatives that are you pending with their regulator something now.
Probably. In short selling has not been you know green lighted by the regulators who have you products who have a preferred
shares on the list fee for infrastructure companies. That's again you know under.
I guess waiting in line with the regulators. So we have some some amendments to our capital markets we hope
will bring us in line with our peers in their region.
Revenue need that don't you. If you're going to be trying to compete for IPO is you do need reforms and specifically what in
your view. Well the I'm number one I think we need to take a closer look at
the liquidity in the market right now the rules say that you know listed companies just need to maintain a 10 percent public
float. No new IPO and no need to maintain 20 percent cent. And I think you know obviously that 10 percent is quite low but 30
percent I think still even a little low. OK. So you know we have to work on this if you want to you know
great. Or spend more liquidity in our market in terms of the pipeline for IPO. How strong do you think it will be for the
rest of the year. It had a strong start that it slowed down. What's the outlook. OK.
In terms of numbers last year. So probably not. We had a record year but we raised about one under 34 billion in capital so far.
For the first four months we've already raised 16 billion. What do we have in the pipeline in terms of applications to seed a
case for Dani Burger ice and maybe for the first half. We have another one hundred twenty eight hundred thirty billion.
So hopefully we're right on track. OK. Now there is a way that half of the year will hit more than half of. What do you base
last year. What is the biggest risk for that projection and what's the biggest risk for the market right now. Well the
biggest risk for the market of course is if the companies issuing capital decide to defer or back off because they're not
getting the price that they you know they expect or need you know for their fundraising requirements.