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Banking

Daily intelligence on the Banking beat

Monday, September 28, 2026

Issue #94

PH Business, Consumer Mood Improves as Mynt IPO Nears

Philippine business and consumer confidence improved in August and the third quarter as both groups turned less pessimistic, while Mynt's planned P92.32-billion initial public offering drew more than 20 institutional investors.

By the MMI Banking Desk

Filipino businesses and households reported the least negative outlook they have held in months, according to two Bangko Sentral ng Pilipinas (BSP) surveys released late Friday and carried across nearly every business desk in the country over the weekend. The central bank's Business Expectations Survey (BES) put the [business confidence index](https://media-meter.com/report-library/peso-hits-record-low-business-confidence-turns-negative "Peso hits record low business confidence turns negative") at -10.9 percent in August, up from -20.3 percent in July, while its [Consumer Expectations Survey (CES)](https://media-meter.com/report-library/consumer-confidence-hits-lowest-since-q4-2020-as-food-fuel-costs-bite "Consumer confidence hits lowest since q4 2020 as food fuel costs bite") showed the consumer confidence index at -29.8 percent in the third quarter, up from -42 percent in the previous quarter(http://www.manilatimes.net/2026/09/28/business/top-business/businesses-consumers-less-negative-as-war-continues/2433710)(https://business.inquirer.net/613176/ph-consumers-firms-turn-less-gloomy)(https://businessmirror.com.ph/2026/09/28/phl-biz-mood-improves-on-holidays-rice-harvest-bsp)(https://businessmirror.com.ph/2026/09/28/bsp-consumers-less-gloomy-in-q3). A negative reading means pessimists still outnumbered optimists; the improvement means the gap narrowed. The BSP surveys are the country's most closely watched gauge of how firms and households expect the economy to perform, and the August and third-quarter results were the first broad sign that the steep deterioration recorded in July had begun to reverse.

The second major thread was the initial public offering (IPO) of Mynt Inc., the operator of GCash, the country's largest digital wallet. Mynt is seeking to raise up to P92.32 billion by selling as many as 9.23 billion shares at a maximum indicative price of P10 each, and more than 20 local and foreign institutional investors have committed to participate, covering the entire 70 percent allocation reserved for qualified institutional buyers(https://business.inquirer.net/613173/major-funds-commitments-signal-confidence-in-gcash-ipo)(https://businessmirror.com.ph/2026/09/28/mynt-investor-line-up-features-gcashs-strong-fundamentals). The commitments include subsidiaries of BlackRock and Capital Group, according to Manila Standard(https://businessmirror.com.ph/2026/09/28/mynt-investor-line-up-features-gcashs-strong-fundamentals). The offering is the largest Philippine listing in years and has become the reference point for how investors view the country's digital finance sector.

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Mynt's record GCash listing secured more than 20 cornerstone investors and a P60.92-billion target, while Reddit users reported blocked accounts, credit card rejections and limit cuts at BDO, LandBank, Maribank and Atome. Home prices posted their slowest growth on record and the IMF cut its 2026 Philippine outlook to 3.4 percent.

BSP Sets P1-B Capital Floor for Digital Banks

The Bangko Sentral ng Pilipinas required thrift, rural and cooperative banks moving to digital models to hold at least P1 billion in capital, while Mynt's GCash IPO drew more than 20 cornerstone investors and retail banking complaints piled up on Reddit.

GCash IPO Nears Record P80.3B as BSP Tightens Bank Rules

Mynt won Philippine Stock Exchange approval for an offering of up to 8.03 billion shares at a maximum price of P10 each, with the International Finance Corp. disclosing a planned P4.4-billion cornerstone stake. The central bank separately required thrift, rural and cooperative banks moving to digital models to hold P1 billion in capital.