Mynt's P60.9B IPO closes flat as GCash eyes digital bank

Mynt Inc., the parent company of the GCash e-wallet, raised ₱60.9 billion in the largest initial public offering in Philippine history and began trading on the Philippine Stock Exchange (PSE) on October 20 under the ticker GCASH, closing its first session exactly where it started, at ₱6.60 a share12. The stock touched an intraday high of ₱6.76 before settling flat, and the benchmark PSE index rose 8.27 points, or 0.14 percent, to 5,806.17, its fourth straight session of gains798123. President Ferdinand Marcos Jr. rang the ceremonial bell at the PSE Tower in Taguig City, alongside Mynt chairman Ernest Cu, president and chief executive Martha Sazon, and Ayala Corporation executives591112.

The offer was priced at ₱6.60 per share, near the midpoint of an indicative range of up to ₱10, with the overallotment option fully exercised328. Of the ₱60.9 billion raised, about ₱10.6 billion goes to the company as new capital, while the rest came from existing shareholders selling down their stakes3. The share sale beat the ₱55.89 billion raised by food and beverage company Monde Nissin in 20214. Mynt debuted with a market capitalization of ₱441.5 billion, making it the seventh-largest domestic listed company on the exchange, according to PSE president and chief executive Ramon Monzon67.

Demand ran well ahead of supply. Monzon said local trading participants submitted orders for more than 2.65 billion shares against an allocation of 1.6 billion, or 165 percent of the allocation, and that 19 foreign and six local cornerstone investors took up 59.8 percent of the shares on offer73. Retail investors bought through GStocks PH, the stock trading feature inside the GCash app run with broker AB Capital Securities Inc., with a minimum order of 100 shares, or ₱66010. Monzon said 140,725 GCash users invested about ₱1.1 billion through the app, and for many it was their first time owning shares in a listed company7. Darvin Su, who heads GCash's wealth management business, said between 10 and 12 percent of those subscribers signed up for GCash only in the days before the offer11.

Key themes

1. Mynt raised ₱60.9 billion, the largest IPO in PSE history. The offer beat Monde Nissin's ₱55.89 billion from 2021 and gave Mynt a ₱441.5-billion market value at debut, the seventh-largest on the exchange47.
2. The stock closed flat at ₱6.60 after touching ₱6.76. The first-day performance matched the pattern of the PSE's five largest previous IPOs, all of which struggled on their debut, according to one pre-listing analysis338.
3. 140,725 GCash users invested about ₱1.1 billion through the app. The minimum order was 100 shares, or ₱660, and 10 to 12 percent of those buyers opened a GCash account only days before the offer10711.
4. President Marcos tied the listing to a cut in the stock transaction tax. He cited the Capital Markets Efficiency Promotion Act, which reduced the tax from 0.6 percent to 0.1 percent, and said the IPO gives reason for optimism as investors grow cautious1213.
5. GCash said it is assessing a digital banking license. Mynt's head of capital markets Joseph Samuel Tang said the e-wallet processed ₱9.8 trillion in transactions from January to June, up 23 percent from a year earlier, and carries a ₱70.5-billion credit portfolio with a 4.9-percent non-performing loan ratio121.
6. A GSave outage hit BPI and Maybank on listing day. The Bangko Sentral ng Pilipinas confirmed the savings feature was temporarily unusable for partner banks, a service disruption reported the same day as the record debut35.
7. The peso stayed at a record low of ₱63.09 against the dollar. The currency opened at ₱63.03 and traded between ₱62.98 and ₱63.11, while trading volume fell to $1.359 billion from $1.778 billion the previous session53.
8. The central bank is expected to raise its policy rate again on October 22. Nine economists polled by The Manila Times expect a 25-basis-point increase to 5.25 percent, which would be the fourth consecutive hike this year5654.

How the narratives stack

Dominant. The Mynt listing dominated the business pages across the items captured here, with coverage from BusinessMirror, the Inquirer, Philstar, BusinessWorld, Rappler, Reuters, Bloomberg, DealStreetAsia and state broadcaster RTVM, among others72122112491710213. The story carried the day's heaviest advertising-equivalent value in the set: the Manila Times' report on the listing was worth an estimated ₱763,968 in ad space, and Philstar's main story carried ₱601,449.6091122. The coverage converged on the same facts — the record size, the flat close, the retail participation — and the President's presence at the bell-ringing gave it a political dimension that most IPOs do not get591.

Counter-narrative. The flat close and the peso's record low told a more cautious story than the record raise. Mynt shares opened at ₱6.60, rose to ₱6.76, and ended the day unchanged, which means investors who bought at the offer price made nothing on day one8122. The peso closed at ₱63.09 against the dollar, its record-low level, and trading volume declined from the previous session53. A Manila Times editorial the same day pointed to gross domestic product growth of 2.3 percent in the second quarter of 2026, the slowest since the pandemic, and inflation of 7.2 percent in September, as signs of a deeper slowdown70. The listing happened against that backdrop, not in spite of it.

Emerging. GCash's plan to explore a digital banking license is the next chapter the company itself is writing. Tang said the e-wallet is ripe for a license because it has a strong payment platform and an emerging loan portfolio for small borrowers121. The numbers behind that claim are substantial: ₱9.8 trillion in transactions in the first half of 2026, up 23 percent year on year, and a ₱70.5-billion credit book with a 4.9-percent non-performing loan ratio121. A digital banking license would put GCash in direct competition with the country's established banks, including BPI, which was a cornerstone investor in the IPO2.

Under-covered. The GSave disruption received far less attention than the listing in the items captured here, appearing in a single social media post from DZRH News citing confirmation from the Bangko Sentral ng Pilipinas that the savings feature was temporarily unusable for partner banks BPI and Maybank35. GSave is the savings feature GCash runs with partner banks, and an outage on the day of the record listing is a service and reputation question for those banks. The material does not establish that the two events are connected35.

Platform insights

• Facebook. The BPI iPhone 18 Pro promotion drew 51 reactions, 12 shares and 8 comments, a modest response for a bank's official page36. A partner retailer, 8telcom, advertised the same phone at ₱3,957.91 per month with 0% interest over up to 24 months37. In a GCash investor group, retail buyers described widely varying allocations and mixed early returns, with some celebrating getting every share they asked for and others questioning why a reportedly oversubscribed offer was fully filled2021. One user said a near-₱400,000 stake had produced little gain21.
• Reddit. A thread on r/phinvest titled "Ano thoughts mo sa IPO ng GCASH?" (What are your thoughts on the GCash IPO?) drew 70 comments, making it the most-discussed social item in the set22. On r/PHCreditCards, a user asked whether interest on a BPI credit-to-cash loan can be negotiated through the BPI app, and whether the request should go to customer service or a branch relationship manager; the thread drew one comment and one like38. Another user asked whether a supplementary card on the PNB PAL World credit card carries the same four-access travel pass benefit as the primary card; that thread drew two comments and one like.
• X. A post sharing a Mountain Beacon report on affordable travel insurance offered through GCash had 899 views but no likes, quotes, shares or comments39. The DZRH News post on the GSave disruption was the other notable X item35.
• YouTube. Interviews with PSE president Ramon Monzon, analysts and Mynt executives carried the listing ceremony and the forward-looking commentary, including Monzon's description of bringing Mynt to the exchange as "a deliberate three-year journey"19232425.

Key voices and communities

Mynt and GCash executives. President and CEO Martha Sazon framed the listing as a starting point: "Becoming a public company is not the finish line. The opportunity ahead is about how we..."122. She said nearly 90 percent of GCash customers come from low- to middle-income households and that the company's work is "far from over"715. Chief financial officer Evelyn Ng said the offer was multiple times oversubscribed and that the company hopes the debut draws investors back: "We're really hoping that this will bring more investors back into the Philippine market."2.

President Marcos and the Presidential Communications Office. The Palace treated the listing as evidence that investor confidence can be rebuilt. Marcos said: "We recognize that investors have become more cautious and that attracting fresh capital remains a challenge. But Mynt's initial public offering gives us reason for optimism."12. He cited the Capital Markets Efficiency Promotion Act, which cut the stock transaction tax from 0.6 percent to 0.1 percent, and urged other Filipino firms to list1213. The Presidential Communications Office, the government's communications arm, presented the listing at its October 20 press briefing as a boost to fintech and economic reforms16.

Retail investors. The 140,725 GCash users who bought shares through the app are the group the listing was marketed to as first-time shareholders7. Their posts show how the record offer landed: some got every share they asked for, others questioned the allocation, and one said a near-₱400,000 stake had produced little gain2021. The Reddit thread drew 70 comments, the largest social discussion in the set22.

Market analysts and brokers. Jonathan Ravelas of Reyes Tacandong & Co. called the listing a long-term play with a three- to five-year horizon and said digital platforms could draw more Filipinos into stocks23. BDO Capital's Ed Francisco discussed whether the glow would spread to other local shares24. ATRAM chief investment strategist Philip Hagedorn weighed whether Mynt's valuation was justified after the opening excitement, alongside the central bank's expected rate decision and the peso's outlook25.

Business and financial news outlets. Outlets such as BusinessMirror, BusinessWorld, the Inquirer, Rappler, GMA News, Reuters and Bloomberg led on the numbers and framed the debut around whether one listing can revive a sluggish exchange71718. Monzon told ANC that "bringing a market leader like Mynt to the exchange has been a deliberate three-year journey," an account carried across outlets719.

Narrative streams

Mynt raised ₱60.9 billion and closed flat at ₱6.60

The record raise and the flat close are the two facts that define the listing. Mynt sold 8.03 billion primary and secondary shares, with an overallotment option of up to 1.20 billion secondary shares, at ₱6.60 each263. The stock opened at ₱6.60, rose to ₱6.76, and closed at ₱6.60, unchanged from the offer price8122. Reuters reported the shares were up 1.7 percent in early trading before the gain faded9. The PSE index closed up 8.27 points at 5,806.17, extending its climb to four straight sessions7123.

The flat close is consistent with the pattern of the PSE's largest previous IPOs. One pre-listing analysis noted that all five of the exchange's largest completed IPOs had struggled on their first trading day33. For the sector, the result matters because it sets expectations for the next listings in the pipeline. The Securities and Exchange Commission has cleared Cebu-based Aznar Shipping Corp.'s IPO of up to ₱670 million, with an offer period from December 1 to 8 and a listing targeted for December 18 on the PSE's small, medium and emerging board51126. If Mynt's flat debut is read as a sign that large offers price fully, smaller issuers may face more pressure to leave value on the table.

140,725 GCash users bought shares through the app

The retail participation is the part of the listing that reaches beyond the trading floor. Monzon said 140,725 GCash users invested about ₱1.1 billion through GStocks PH, the stock trading feature inside the GCash app run with broker AB Capital Securities Inc., with a minimum order of 100 shares, or ₱660710. Darvin Su said between 10 and 12 percent of those subscribers signed up for GCash only in the days before the offer11.

The offer period itself showed the demand. On the first day of the offer, October 6, traffic briefly tripped up trading systems, and Sazon called the outage a good problem30. Broker orders exceeded the shares allotted to several brokers31. For the sector, the retail turnout is a test of whether the stock market can broaden beyond institutional and wealthy investors. The 140,725 buyers are a small fraction of GCash's 41.5 million monthly active users, but they are the first cohort to buy shares through the app, and their experience — flat returns on day one, varying allocations — will shape whether they buy again912021.

GCash is assessing a digital banking license

Mynt's head of capital markets Joseph Samuel Tang said the e-wallet's next step is to assess opportunities in the digital banking space, and that GCash is ripe for a license because it has a strong payment platform and an emerging loan portfolio for small borrowers121. The numbers behind the claim: GCash processed ₱9.8 trillion in transactions from January to June, up 23 percent from a year earlier, and its credit portfolio stands at ₱70.5 billion with a non-performing loan ratio of 4.9 percent121.

A digital banking license would let GCash take deposits and lend directly, rather than partnering with banks as it does for GSave. That would put it in competition with the country's established banks, including BPI, which was a cornerstone investor in the IPO through BPI Asset Management and Trust Corp.2. For the sector, the question is whether a payments app with 41.5 million monthly users can convert that reach into a deposit base and a lending book at scale. The 4.9-percent non-performing loan ratio suggests the credit it has extended so far is performing, but a digital bank would require capital and risk management that a payments company has not yet had to hold.

The peso stayed at a record low of ₱63.09 and the central bank is expected to hike

The listing happened on the same day the peso remained at its record-low level of ₱63.09 against the dollar53. The currency opened at ₱63.03 and traded between ₱62.98 and ₱63.11, while trading volume declined to $1.359 billion from $1.778 billion the previous session53. Rizal Commercial Banking Corp. chief economist Michael Ricafort said the peso remained under pressure due to a stronger dollar, and ANZ Research said the Bangko Sentral ng Pilipinas might have been intervening to smooth excessive volatility, but "declining reserves could limit the extent of intervention."53. Gross international reserves dropped to $99.99 billion as of end-September53.

The central bank's policy meeting on October 22 is the next test. Nine economists polled by The Manila Times expect the Monetary Board to raise the Target Reverse Repurchase Rate by 25 basis points to 5.25 percent, which would be the fourth consecutive hike this year56. Nomura placed the BSP in the more hawkish camp among Southeast Asian central banks and expects the same 25-basis-point increase54. The BSP has raised rates three times so far this year, bringing the benchmark rate to 5.0 percent56. For the sector, a higher policy rate raises borrowing costs for banks and their customers, and it makes the yield on government securities more attractive relative to equities — a headwind for the stock market that Mynt's listing is hoping to revive.

A GSave outage hit BPI and Maybank on listing day

The Bangko Sentral ng Pilipinas confirmed that the GSave savings feature was temporarily unusable for partner banks BPI and Maybank on October 20, according to a DZRH News post on X35. GSave is the savings feature GCash runs with partner banks, and an outage on the day of the record listing is a service and reputation question for those banks. The material does not establish that the two events are connected35.

For BPI, the juxtaposition is the story: the bank was a cornerstone investor in the IPO and a partner in a savings feature that stopped working on the same day235. BPI's own website states it partners with the Philippine National Police on consumer protection and cybersecurity, and that its foundation runs financial education programs40. A service disruption at a partner bank is a reminder that the digital financial system GCash is listing to expand depends on the banks behind it. The sector read: as e-wallets and banks integrate more deeply, outages at one partner become reputational events for all of them, and the BSP's confirmation gives the incident a regulatory record.

BPI and DMCI Homes launched an overseas collection arrangement for US buyers

BPI partnered with property developer DMCI Homes to let its US-based buyers pay amortizations directly through their American bank accounts, using BPI's Overseas Collection Arrangement (OCA)4773. DMCI Homes is the first developer to use the service. Under the arrangement, customers sign a contract and agree on an amortization schedule, then receive a payment link from the developer to enroll their US bank accounts; payments are automatically debited and settled to DMCI Homes8195. BPI said the arrangement would help the developer accelerate collections, consolidate payments and simplify reconciliation47.

The story ran across the Manila Times, the Inquirer, Inquirer Plus and the Daily Tribune, with the Manila Times item carrying an estimated ₱267,804 in advertising-equivalent value47739581. For the sector, the product is a small but concrete example of banks building cross-border payment rails for overseas Filipinos, a customer segment that sends home billions of dollars in remittances each year. The OCA automates what used to be a manual process, and if it works for DMCI Homes, other developers with large overseas buyer bases are the obvious next customers.

Cash-on-delivery still dominates Philippine e-commerce

A report by payments company Xendit found that cash-on-delivery accounts for 23 percent of Philippine e-commerce transaction value recorded on its platform, the highest among six Southeast Asian markets surveyed57. The Ecommerce Payments Momentum Report 2026, released on October 15, also found that payments through QR Ph and InstaPay surged 198 percent in the 15 months ending April 2026, although they still accounted for only 13 percent of e-commerce transaction value57. E-wallet payments, led by GCash, grew just 3 percent over the same period57. The report also found that 41 percent of Filipino online shoppers who abandoned a purchase in the previous three months cited the absence of their preferred payment method as their main reason57.

The finding sits alongside the Mynt listing as a reminder that the digital payments boom has not yet displaced cash for online purchases. For the sector, the 23-percent cash-on-delivery share is the portion of e-commerce value still open to digital payment providers, and the 41-percent abandonment rate is the cost of not offering the right method. GCash's 3-percent growth in e-wallet payments over the period is slower than the 198-percent surge in QR Ph and InstaPay, which suggests that bank-to-bank and QR payments are catching on faster than wallet payments for online shopping.

The BSP is expected to keep a hawkish stance as inflation rises

Nomura placed the Bangko Sentral ng Pilipinas and Bank Negara Malaysia in the more hawkish camp among Southeast Asian central banks, while viewing Bank Indonesia and the Bank of Thailand as relatively less hawkish54. "The tone should remain hawkish, in our view, with BSP continuing to pledge vigilance and remain focused on containing these risks and anchoring inflation expectations," Nomura said54. The research firm expects the BSP to raise its key policy rate by another 25 basis points to 5.25 percent on Thursday54.

The BSP's Monetary Board has raised key policy rates three times so far this year, bringing the benchmark rate to 5.0 percent56. The central bank has said the possible impact of severe El Niño conditions on agricultural prices poses further upside risks to inflation, and that potential wage adjustments warrant close monitoring56. For the sector, a fourth consecutive hike would extend the tightening cycle into the fourth quarter, raising the cost of credit for banks and their borrowers. Nomura also said the BSP still intends to further lower the reserve requirement ratio, the share of deposits banks must keep as standby cash, to improve the transmission of monetary policy, but that the rate-hike campaign means the move is not an immediate priority68.

BPI ran an iPhone 18 Pro installment promotion and faced customer questions on credit pricing

BPI's official Facebook page promoted the iPhone 18 Pro on October 20 with up to ₱16,100 in savings and installment terms of up to 36 months under its FlexipayZero plan, listing partner retailers including Power Mac Center, The Loop, Digital Walker, Beyond the Box, Abenson, Shopee and Lazada36. The post drew 51 reactions, 12 shares and 8 comments36. A partner retailer, 8telcom, advertised the same phone at ₱3,957.91 per month with 0% interest over up to 24 months37.

On Reddit, a user asked whether interest on a BPI credit-to-cash loan can be negotiated through the BPI app, and whether the request should go to customer service or a branch relationship manager38. The thread drew one comment and one like38. A separate user asked whether a supplementary card on the PNB PAL World credit card carries the same four-access travel pass benefit as the primary card, or whether the benefit is limited to the primary holder. For the sector, the questions are small in volume but point to a gap: customers are unsure whether loan pricing is negotiable and what a supplementary card includes, and they are asking each other rather than the banks. The promotional posts lead with savings and monthly cost, which is the right message for acquisition, but the questions suggest that the terms behind those numbers are not clear enough.

AIA Philippines launched a single-premium investment-linked insurance product

AIA Philippines launched AIA Advantage Max on October 19, a single-premium investment-linked insurance product that combines life insurance protection with access to global investment funds offering potential quarterly payouts83109. The product is available in Philippine peso and US dollar denominations and provides access to the Global Dynamic Income Paying Fund, with a historical annualized payout rate of more than 6 percent, and the Global Adventurous Income Fund, which targets a 7-percent annualized payout rate83. Fund distributions are not guaranteed and depend on investment performance83.

Goh Chong Yong, chief investment officer of AIA Philippines, said: "Successful investing is achieved through diversification, professional management, disciplined risk management, and staying focused on long-term goals. Equally important is ensuring that the wealth you build is protected."83. For the sector, the product is aimed at investors looking for income in a rising-rate environment, and the peso and dollar denominations give it a hedge against the currency's weakness. The 6-percent and 7-percent payout targets are higher than what a time deposit or government bond yields, which is the pitch, but the returns depend on fund performance and are not guaranteed.

The peso's record low and the economy's slowdown framed the listing

The peso closed at ₱63.09 against the dollar on October 20, its record-low level, after closing at ₱63.09 on October 19, which itself surpassed the previous all-time low of ₱63.06 set on October 1553115. John Paolo Rivera, senior research fellow at the Philippine Institute for Development Studies, said the depreciation reflected a combination of dollar strength, elevated oil prices, geopolitical uncertainty, increased demand for foreign currency and a widening dollar deficit115. A Manila Times editorial pointed to gross domestic product growth of 2.3 percent in the second quarter of 2026, the slowest since the pandemic, and inflation of 7.2 percent in September70.

For the sector, the combination of a record-low peso and above-target inflation is the backdrop against which the BSP is expected to raise rates again on October 2256. A stronger dollar and higher oil prices raise the cost of imports, which feeds inflation, and the central bank's rate hikes are meant to anchor expectations. The Mynt listing raised fresh capital for one company, but the macro picture is the one that determines whether other companies follow.

Conversation trajectory

October 22: BSP policy meeting. The Monetary Board is scheduled to meet on October 22, and nine economists polled by The Manila Times expect a 25-basis-point increase to 5.25 percent56. Nomura expects the same54. A hike would be the fourth consecutive this year and would extend the tightening cycle. Watch the BSP's statement for language on the peso and on reserve requirement cuts, which Nomura said remain an option but not an immediate priority68.

October 20–31: GCash birthday promotions. GCash is running a birthday promotion from October 20 to 31 offering ₱10 chicken vouchers through its Food Hub feature at KFC, Chooks-to-Go, Andok's, Baliwag and other merchants84. The promotion is a consumer-engagement play that runs alongside the listing, and it will show whether the app can convert the IPO attention into everyday usage.

December 1–18: Aznar Shipping IPO. The SEC has cleared Aznar Shipping's IPO of up to ₱670 million, with an offer period from December 1 to 8 and a listing targeted for December 18 on the PSE's small, medium and emerging board51126. The offer will be the next test of investor appetite after Mynt, and its pricing will show whether the record listing opened the market or absorbed the available demand.

Next 4–6 weeks: GCash digital banking license. Tang said GCash is assessing opportunities in the digital banking space, and the company's transaction and credit numbers are the basis for its case121. Watch for a formal application to the BSP, which regulates digital banks, and for how the central bank treats a license application from a payments company with 41.5 million monthly users91.

Next 4–6 weeks: GSave outage follow-through. The BSP confirmed the GSave disruption on October 2035. Watch for statements from BPI and Maybank, the partner banks, on what caused the outage and whether it affected customer balances. The material does not establish a connection to the IPO, and any statement from the banks would clarify the timeline.

Trigger events. A BSP rate hike on October 22 would raise borrowing costs across the sector. A formal GCash digital banking application would put the e-wallet in direct competition with banks. Aznar Shipping's December IPO would show whether the market's appetite extends beyond the largest names. And any further movement in the peso past ₱63.09 would test the central bank's willingness to intervene.

Response guidance

Banks with e-wallet partnerships: separate service issues from investment stories. The GSave outage and the Mynt listing happened on the same day, and the material does not establish that they are connected35. Communications teams should treat the outage as a service and reputation matter and the listing as a capital-markets matter, and avoid letting one frame the other. A clear statement on what happened, which customers were affected, and what the bank is doing to prevent a repeat is the priority.

Retail investors: explain what a flat first day means. The 140,725 GCash users who bought shares through the app are first-time shareholders for many7. A flat close at ₱6.60 after touching ₱6.76 is not a loss, but it is not a gain either8. Communications should explain that share prices move with supply and demand, that the offer price is set before trading begins, and that the company's performance over time is what determines returns. Avoid promising that the stock will rise.

Digital banking: prepare for competition from payments platforms. GCash's assessment of a digital banking license means banks may soon compete with a platform that has 41.5 million monthly users and a ₱70.5-billion credit book12191. Banks should review their own digital onboarding, lending and savings products against what a payments app can offer, and communicate what a bank license adds in terms of deposit insurance, capital requirements and regulatory oversight.

Credit card promotions: make the terms behind the monthly figure clear. BPI's iPhone 18 Pro promotion led with up to ₱16,100 in savings and terms of up to 36 months, and a partner retailer advertised ₱3,957.91 per month with 0% interest over up to 24 months3637. Customers are asking whether loan pricing is negotiable and what a supplementary card includes38. Promotions should state the total cost, the conditions for the 0% interest, and what happens if a payment is late, in plain language on the same page as the monthly figure.

Peso and rate environment: prepare customers for higher borrowing costs. The peso is at a record low of ₱63.09 and the BSP is expected to raise rates on October 225356. Banks should prepare customer communications on variable-rate loans, foreign-currency deposits and remittance costs, and explain in plain terms how a higher policy rate affects monthly payments.

Overseas Filipinos: build products around cross-border payments. BPI's Overseas Collection Arrangement with DMCI Homes automates amortization payments from US bank accounts4773. The product addresses a real pain point for overseas buyers and their developers. Banks with large overseas Filipino customer bases should consider similar arrangements for remittances, property payments and insurance premiums, and communicate the convenience and the fees clearly.

Financial literacy: use the listing as a teaching moment. The National Strategy for Financial Inclusion 2022–2028 highlights the importance of improving Filipinos' access to financial services and strengthening financial literacy92. The Mynt listing put stock investing in front of millions of GCash users, many for the first time7. Banks, regulators and fintechs can use the attention to explain what shares are, how they differ from savings and bonds, and what risks come with investing, without turning it into a sales pitch.

Cybersecurity: warn customers about impersonation scams. The Iloilo City Police Office warned of a scammer impersonating Police Col. Wilbert Parilla to solicit money and mobile phone load through GCash118. The Bangko Sentral ng Pilipinas has reported that 77 percent of Filipinos have encountered cyber scams and 30 percent lost money to digital fraud in the past 12 months100. Banks and e-wallets should repeat warnings about impersonation, verify official contact channels, and make it easy for customers to report suspicious messages.

Investor relations: set expectations for the next listings. Mynt's flat close matched the pattern of the PSE's largest previous IPOs33. Aznar Shipping's December IPO will be the next test51. Companies preparing to list should set realistic expectations about first-day performance and focus communications on the use of proceeds and the business plan, not on the debut price.

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