President Ferdinand R. Marcos Jr. on Tuesday hailed the historic listing of Mynt, Inc., the company behind GCash, on the Philippine Stock Exchange (PSE), saying the milestone reflects strong investor confidence in Filipino innovation and opens opportunities for broader participation in the country's economic growth.
Speaking at Mynt's initial public offering (IPO) listing ceremony at the PSE Tower in Bonifacio Global City, Taguig, President Marcos congratulated the homegrown financial technology company for demonstrating the Philippines' capability to develop world-class innovations.
"This is a significant achievement, demonstrating that world-class innovation can be built and scaled here in the Philippines," the President said.
Mynt's debut on the PSE Main Board under the stock symbol GCASH, with an offering that could raise up to P60.9 billion, marks a major milestone for the country's financial technology industry and capital market.
President Marcos said the IPO's strong interest shows continued confidence in Filipino enterprises.
"The strong interest it has attracted from local and international investors is proof of the continued confidence in Filipino enterprises," the President said.
President Marcos highlighted GCash's transformation from a simple electronic money transfer service into a leading digital financial platform providing millions of Filipinos with access to payments, savings, loans, insurance, and investments.
The President noted that digital wallets, which became essential during the COVID-19 pandemic, have also helped micro, small, and medium enterprises (MSMEs) access convenient payment systems and financial services that support business expansion and employment.
The President particularly welcomed the opportunity for ordinary Filipinos to participate in Mynt's public offering through GStocks PH, which allowed qualified GCash users to subscribe to 100 shares for P660 from October 6 to 12.
"This just shows that digital technology can make investment opportunities more accessible to everyone," President Marcos said.
The President emphasized that expanding financial inclusion must be accompanied by stronger consumer safeguards, data privacy protection, financial literacy, and measures against scams, phishing, and identity theft.
Meanwhile, President Marcos reaffirmed his administration's commitment to strengthening the Philippine capital market through reforms that encourage investment and broader public participation.
The President cited the Capital Markets Efficiency Promotion Act (CMEPA), which reduced the stock transaction tax from 0.6 percent to 0.1 percent, alongside Securities and Exchange Commission reforms aimed at improving market liquidity and investor participation.
The Chief Executive expressed hope that Mynt's listing would encourage more Filipino companies and innovators to raise capital locally, expand their operations, generate employment, and contribute to economic growth.
The President also urged the private sector to continue supporting homegrown enterprises and emerging technologies that create opportunities and improve Filipino lives.
The Chief Executive said the government would continue improving the ease of doing business, promoting fair competition, and supporting responsible innovation toward a progressive, secure, and digitally enabled economy.
"May this milestone mark the beginning of greater opportunities for Filipino enterprises, renewed confidence in our capital market, and broader participation in our country's economic growth," President Marcos said. | PND
