Banking

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Banking

Daily intelligence on the Banking beat

Monday, October 19, 2026

Issue #115

GCash IPO Debut and BSP Rate Decision Set the Week

Mynt Inc., the operator of GCash, lists on the Philippine Stock Exchange on Oct. 20 while economists expect the Bangko Sentral ng Pilipinas to raise rates again on Oct. 22. Fraud studies and consumer credit data show where household finances are under strain.

By the MMI Banking Desk

GCash IPO Debut and BSP Rate Decision Set the Week

Mynt Inc., the company behind the GCash e-wallet, lists its shares on the Philippine Stock Exchange on Tuesday at ₱6.60 apiece, closing a ₱60.9-billion initial public offering that valued the company at about ₱441.5 billion. Two days later, on Oct. 22, the Bangko Sentral ng Pilipinas (BSP) — the country's central bank — meets to set interest rates, and economists polled by three separate newsrooms expect another increase. Those two dates frame the week for Philippine finance, and the coverage gathered here returns to them from several directions: what GCash's listing says about how the company will grow now that most Filipinos who might use an e-wallet already do, what a fourth rate hike this year would cost borrowers, and how much fraud and bad debt are already eating into household budgets.

The GCash listing drew the most sustained attention in the items reviewed. Analysts quoted by the Manila Times and the Inquirer said Mynt's next phase of growth depends on getting existing users to buy more financial services rather than signing up new ones, because its domestic reach leaves little room to expand through new customers. Investment banker Stephen Cuunjieng, interviewed on ANC's Market Edge, put it this way: "Shareholders who are patient will probably be happy because it is a different kind of financial services company that is very efficient and has fantastic scale." The listing also drew heavy business-page coverage in the broadsheets, including a Manila Standard piece on the index testing the 5,800 level this week and a Philstar analysis of how share prices will track both the debut and the central bank's decision.

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More Banking

GCash IPO, peso record low frame PH finance day

Mynt's GCash listing is set to raise up to ₱60.9 billion on Oct. 20 as the peso hits a record low past 63 to the dollar. Banks face a shift away from SMS one-time passwords, and cash on delivery still holds about 23% of e-commerce value.

GCash Parent Prices Record $966M IPO as Lenders Push Offers

GCash's parent company priced a record $966-million Philippine initial public offering while banks and consumer lenders spent the same day pushing installment, card and deposit offers. Reddit users raised unanswered questions about document requests, payment posting and a one-time password read into a bank's phone system.

GCash Parent Mynt Prices Record IPO at P6.60

Mynt Inc., the parent of mobile wallet GCash, closed an oversubscribed offer period for the Philippines' largest-ever share sale ahead of an October 20 listing, while the peso closed at a record low of P63.06 to the dollar and a study showed cash-on-delivery still accounts for about 23 percent of Philippine e-commerce value.

Duterte Trial Narrows to Unexplained Wealth as Banks Testify

The House prosecution dropped three of four impeachment articles against Vice President Sara Duterte, leaving a single unexplained-wealth charge as representatives of eight major banks were called to testify. Separately, GCash parent Mynt closed an oversubscribed initial public offering priced at ₱6.60 a share.