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Under the rules, an ETF planning to list on the PSE must have a minimum asset base of Ps250 million ($6.15 million) for local entities and $10 million for foreign funds.
The fund management company offering the ETF to the public must pass the PSEÆs requirements for investment managers. Once an ETFÆs registration has been approved by the PSE, the ETF shares will be sold through an initial public offering and must comply with the exchangeÆs full disclosure rules.
The PSE is hoping the introduction of ETFs will encourage more investors to reallocate money from bank deposits into funds.
ETFs have become increasingly popular in Asia. Malaysia and Thailand, two of the PhilippinesÆ Southeast Asian neighbours, launched ETFs last year. MalaysiaÆs CIMB launched the worldÆs first Asean ETF in 2006, listed on the Singapore Exchange (SGX) and comprising of the 40 top stocks by market capitalisation and adjusted for free-float across Indonesia, Malaysia, Philippines, Singapore and Thailand.
SGX’s new framework for Spacs will likely provide investors with a much-needed channel for direct deals, but the verdict is still out on whether it will bring liquidity to the bourse.
The asset allocation matrix is becoming more complex as investors look for new sources of returns beyond traditional asset types. How can investors measure and maximise returns in compounded portfolios?
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