PSE still ironing out rules and regulations for GPDRs

THE PHILIPPINE Stock Exchange (PSE) is still finalizing rules and regulations for its planned global Philippine depositary receipts (GPDRs), delaying the product's launch.

- Revin Mikhael D. Ochave

PSE President and Chief Executive Officer Ramon S. Monzon said the exchange is working with the Securities and Exchange Commission (SEC) to address comments on its initial draft of the GPDR trading rules.

“We submitted our initial proposed rules for the trading of the GPDRs. We received comments from the SEC at the end of May, and (we are) working to address those comments. It’s still an ongoing process to finish the rules to govern the GPDRs,” he said during a recent virtual briefing.

The PSE was initially scheduled to launch GPDRs in the first quarter of this year. GPDRs are peso-denominated instruments that represent an economic interest, but not voting rights, in an underlying security listed on an overseas exchange.

Aside from GPDRs, Mr. Monzon said the PSE is also still working on the launch of derivative offerings, including PSE index futures.

The PSE is targeting to launch its derivative products by the first quarter of 2026.