Business tycoon Manny V. Pangilinan announced that digital bank Maya’s potential initial public offering (IPO) is progressing toward a 2027 debut, despite ongoing economic uncertainties, as the company aims to follow the footsteps of rival e-wallet giant GCash.
Pangilinan, who serves as the president and chief executive officer of PLDT Inc., noted that the e-wallet unit’s listing has shifted from its original target in the second half of this year to 2027. The strategy involves pursuing a primary listing on the United States-based Nasdaq stock market, followed by a subsequent listing on the Philippine Stock Exchange (PSE).
”I’ve made known my preference to other shareholders that if they want to have a Nasdaq listing, we have no objection, but I think there should be a listing here in the Philippines,” Pangilinan told reporters.
PLDT and its primary shareholder, Hong Kong-based First Pacific Co. Ltd., maintain a stake of over 39% in Maya. Additional backers of the fintech platform include KKR & Co., Tencent Holdings, and the International Finance Corporation of the World Bank Group.
Pangilinan stated that he is flexible regarding other investors’ listing preferences, provided that a corresponding local bourse IPO is guaranteed.
A local listing is seen as crucial, especially following the milestone performance of GCash parent firm Mynt Inc., which secured a historic ₱60.9 billion through its recent PSE debut.
”You’ve seen the success of Mynt. And they’ve proven that for a quality company like Mynt, they can attract a great deal of demand to their shares,” Pangilinan remarked, adding, “Maya might not be on the same scale as Mynt, but I think it can be a successful issue.”
While trailing GCash in overall market dominance, Maya has firmly established itself as a leading digital bank and merchant acquirer. The platform bolstered its financial contribution to PLDT to ₱559 million in the first half of the year, building on its milestone of achieving profitability in December 2024.
Separately, Pangilinan shared that the deferred real estate investment trust (REIT) offering for PLDT’s data center arm, VITRO REIT Inc., is also rescheduled for next year, with an eye toward a first-quarter 2027 launch. PLDT previously postponed the fourth-quarter PSE debut due to unfavorable market conditions and rising interest rates.
The company hopes to raise between ₱20 billion and ₱25 billion through the initiative, while continuing to expand its data center capacities to meet surging tech sector demand.
Addressing broader macroeconomic challenges—such as inflation, currency depreciation, and potential impacts from El Niño—Pangilinan emphasized that businesses must remain proactive rather than passive.
”The best way is for us to continue investing, judiciously of course, but to continue investing. It’s not to retreat, and hibernate, we’re not doing our job if we do that,” he said.