Carlos G. Dominguez
Secretary of Finance
June 1, 2021
Secretary Ramon Lopez of the Department of Trade and Industry; Chairperson Emilio Aquino of the Securities and Exchange Commission; Mr. Jose Pardo, Chairman of the Board of the Philippine Stock Exchange; Mr. Ramon Monzon, President of the Philippine Stock Exchange; Mr. Hartono Kweefanus, Chairman of Monde Nissin; Ms. Betty Ang, President of Monde Nissin; distinguished guests: Good morning.
Thank you for inviting me to participate in this momentous occasion.
Today, we mark another first in the Philippine stock market. Monde Nissin will list the largest ever public offering in the Philippine Stock Exchange, raising over 1 billion US dollars. This is also the biggest food and beverage initial public offering yet in Southeast Asia.
Monde Nissin’s record-breaking offering has attracted global investor demand of nearly six times the allotment for the international tranche. This shows that the Philippines is very capable of winning over world-class equity investors in billion-dollar issue sizes.
This offering is also a testament to the high confidence of investors in the post-pandemic recovery of the Philippine economy. Monde Nissin’s landmark transaction sends a clear message that our economy will soon regain its momentum and will bounce back stronger than ever.
Monde Nissin has long been a part of the daily lives of Filipino consumers. Its products are staple items in many of our households. It has become a food giant providing some of the most iconic food brands. More importantly, the company has created thousands of quality jobs for our people.
Over the past two decades, the company proved that it can compete with the best of the world’s brands by expanding its business worldwide.
With this initial public offering, we expect Monde Nissin to use the proceeds to further scale up its business and create even more employment opportunities for the Filipino people. Expanding business activities and introducing new high-value investments into our economy will help us speed up our recovery efforts.
Amid the ongoing crisis, this period proved to be an exciting time for the Philippine stock market. Since last year, we have witnessed landmark offerings from the major real estate players and other big retail and telecommunications companies. I am sure that the Philippine stock market is poised to see more blockbuster offerings as interest in our economy continues to grow.
These promising developments underscore the importance of rapidly developing our capital markets. On the part of the government, let me assure you of our determination to advance the reforms that aim to further deepen our capital markets and develop a broad-based and inclusive financial system fit for the 21st century.
In closing, let me congratulate Monde Nissin for its success in building a world-class company that other Filipino enterprises may emulate.
Thank you!
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