Key Takeaways
- • Maynilad Water Services Inc., led by billionaire Manuel V. Pangilinan, is being added to the Philippine Stock Exchange Index (PSEi), replacing Converge ICT Solutions Inc. in a significant index restructuring.
- • The PSEi change reflects a shift in the composition of the Philippines' 30-stock benchmark index, with Maynilad's inclusion signaling confidence in the water utility sector while removing the high-performing ICT company from the main index.
- • Converge ICT, controlled by entrepreneur DenGrace Uy, previously achieved strong performance as a telecommunications infrastructure provider with a market capitalization of P205.4 billion and closed at P27.00 before the index change.
- • The index restructuring becomes effective August 16, 2026, as the PSE continues to evolve its benchmark composition to reflect market conditions and sector diversification priorities.
- • Maynilad's inclusion marks a notable shift in infrastructure representation within the PSEi, with the company having recently listed on the Philippine Stock Exchange in November 2025 under President Ferdinand R. Marcos Jr.
Summary
The Philippine Stock Exchange has announced a significant restructuring of its benchmark PSEi index, with Maynilad Water Services Inc. set to replace Converge ICT Solutions Inc. The change, effective August 16, 2026, reflects evolving priorities in the composition of the Philippines' primary 30-stock equity barometer.
Maynilad Water Services, led by billionaire Manuel V. Pangilinan, will enter the PSEi through this addition. The water utility company completed its initial public offering and listing on the Philippine Stock Exchange in November 2025, with the company's inclusion now marking its elevation to the main benchmark index. This represents a strong affirmation of the utility sector's importance in the broader Philippine equity market composition.
Converge ICT Solutions Inc., the company being replaced, has been a strong performer on the Philippine Stock Exchange. The firm, controlled by entrepreneur DenGrace Uy, achieved a market capitalization of P205.4 billion and closed at P27.00 prior to the index change. Converge operates in telecommunications infrastructure and has demonstrated impressive operational metrics, having been crowned the fastest internet provider in the Philippines based on independent speed assessments. Despite its strong equity performance and market position, the company is being removed from the main index as part of the PSE's index rebalancing strategy.
The index restructuring reflects broader market dynamics, with the PSE continuing to adjust its benchmark composition to ensure appropriate sector representation. The change underscores the growing importance of essential infrastructure and utility services in the Philippine equity market, while recognizing the evolving competitive landscape across technology and telecommunications sectors.
Maynilad Water Services, led by billionaire Manuel V. Pangilinan, will enter the PSEi through this addition. The water utility company completed its initial public offering and listing on the Philippine Stock Exchange in November 2025, with the company's inclusion now marking its elevation to the main benchmark index. This represents a strong affirmation of the utility sector's importance in the broader Philippine equity market composition.
Converge ICT Solutions Inc., the company being replaced, has been a strong performer on the Philippine Stock Exchange. The firm, controlled by entrepreneur DenGrace Uy, achieved a market capitalization of P205.4 billion and closed at P27.00 prior to the index change. Converge operates in telecommunications infrastructure and has demonstrated impressive operational metrics, having been crowned the fastest internet provider in the Philippines based on independent speed assessments. Despite its strong equity performance and market position, the company is being removed from the main index as part of the PSE's index rebalancing strategy.
The index restructuring reflects broader market dynamics, with the PSE continuing to adjust its benchmark composition to ensure appropriate sector representation. The change underscores the growing importance of essential infrastructure and utility services in the Philippine equity market, while recognizing the evolving competitive landscape across technology and telecommunications sectors.
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