Benchmark stock index of the Philippine Stock Exchange
The PSE Composite Index , or the PSEi (since April 3, 2006, previously as PHISIX[ 1] ), is the Philippine main stock market index , consisting 30 of the largest companies traded in the Philippine Stock Exchange (PSE).[ 2] This is in contrast to the broader PSE All Shares Index which is an index of all stocks traded in the PSE.
The base level of the PSEi was pegged at 1,022.045 points, according to the close of the index on February 28, 1990. The highest closing value was 9,041.20 on Friday, January 26, 2018. The highest intraday value was 9,078.37 on Monday, January 29, 2018.[ 3] [ 4]
It is the PSE's primary benchmark equity index and is seen as an indicator of the general state of the Philippine business climate,[ 5] although there is evidence the index may not be a reliable indicator of the state of the broader Philippine economy .[ 6]
Methodology
Composition
The PSE revises the list of component stocks at least twice a year with regular rebalancing schedules every February and August, based on December-end and June-end information spanning latest 12 months of trading data, respectively. Component stocks should broadly satisfy the following requirements in order to qualify for the index:[ 7]
Listed in the main board of the PSE for at least 12 months during the review period
Public float : At least 20% by the end of the review period, as indicated in the quarterly Public Ownership Report
Market liquidity: Company must rank among the top 25% in terms of median daily trade per month in at least 9 out of the 12 months within the review period
Market capitalization : Should be among the 30 largest companies based on full market capitalization, after passing the public float and liquidity eligibility requirements.
Calculation
The index uses a free-float adjusted market capitalization method (since 2006)[ 1] and follows the formula below used by the PSE to calculate the index's value:
P
S
E
I
n
d
e
x
t
=
∑
i
=
1
n
(
P
i
×
S
i
×
F
i
)
b
×
P
S
E
I
n
d
e
x
t
−
1
{\displaystyle {\mathsf {PSE\ Index_{t}={\textstyle \sum _{i=1}^{n}(P_{i}\times S_{i}\times F_{i})\displaystyle \over \ b}\times PSE\ Index_{t-1}}}}
[ 7]
Where :
n = Total number of component companies (30)
P
i
{\displaystyle {\mathsf {P_{i}}}}
= Closing price of company i at day t
S
i
{\displaystyle {\mathsf {S_{i}}}}
= Available shares of company i at day t
F
i
{\displaystyle {\mathsf {F_{i}}}}
= Company free float level (0 to 1), where 1 means 100% free float.
b = Free float-adjusted market capitalization base
Frequency
The index is calculated every 15 seconds and currently disseminated every minute whenever the Philippine Stock Exchange is open.[ 7]
Current components
Annual returns
The following table shows the closing value of the PSEi at the end of each calendar year since 1980.
Year
Closing level
Change in index
in points
Change in index
in %
1980
256.78
1981
183.91
−72.87
−28.38
1982
170.36
−13.55
−7.37
1983
167.49
−2.87
−1.68
1984
100.29
−67.20
−40.12
1985
131.19
+30.90
+30.81
1986
424.81
+293.62
+223.81
1987
813.17
+388.36
+91.42
1988
841.65
+28.48
+3.50
1989
1,104.57
+262.92
+31.24
1990
651.78
−452.79
−40.99
1991
1,151.87
+500.09
+76.73
1992
1,256.22
+104.35
+9.06
1993
3,196.08
+1,939.86
+154.42
1994
2,785.81
−410.27
−12.84
1995
2,594.18
−191.63
−6.88
1996
3,170.56
+576.38
+22.22
1997
1,869.23
−1,301.33
−41.04
1998
1,968.78
+99.55
+5.33
1999
2,142.97
+174.19
+8.85
2000
1,494.50
−648.47
−30.26
2001
1,168.08
−326.42
−21.84
2002
1,018.41
−149.67
−12.81
2003
1,442.37
+423.96
+41.63
2004
1,822.83
+380.46
+26.38
2005
2,096.04
+273.21
+14.99
2006
2,982.54
+886.50
+42.29
2007
3,621.60
+639.06
+21.43
2008
1,872.85
−1,748.75
−48.29
2009
3,052.68
+1,179.83
+63.00
2010
4,201.14
+1,148.46
+37.62
2011
4,371.96
+170.82
+4.07
2012
5,812.73
+1,440.77
+32.95
2013
5,889.83
+77.10
+1.33
2014
7,230.57
+1,340.74
+22.76
2015
6,952.08
−278.49
−3.85
2016
6,840.64
−111.44
−1.60
2017
8,558.42
+1,717.78
+25.11
2018
7,466.02
−1,092.40
−12.76
2019
7,815.26
+349.24
+4.68
2020
7,139.71
−675.55
−8.64
2021
7,122.63
−17.08
−0.24
2022
6,566.39
−556.24
−7.81
2023
6,450.04
−116.35
−1.77
2024
6,528.79
+78.75
+1.22
Changes to PSEi composition
Date
Added
Removed
Reason
Ticker
Security
Ticker
Security
August 18, 2025
PLUS
DigiPlus Interactive
BLOOM
Bloomberry Resorts
Regular semi-annual rebalancing.[ 8] [ 9]
February 3, 2025
AREIT
Ayala REIT
NIKL
Nickel Asia
Regular semi-annual rebalancing.[ 10]
February 3, 2025
CBC
Chinabank
WLCON
Wilcon Depot
Regular semi-annual rebalancing.[ 10]
October 4, 2023
NIKL
Nickel Asia
UBP
Unionbank
The PSE re-classified shares held by the Social Security System in Unionbank as outside of the public float. This lowered the company's free-float level, rendering it ineligible for index inclusion.[ 11]
September 26, 2023
BLOOM
Bloomberry Resorts
AP
Aboitiz Power
Aboitiz Power's buyback dragged its free-float level below the minimum requirement, rendering it ineligible for index inclusion.[ 12]
September 26, 2023
CNPF
Century Pacific Food
MPI
Metro Pacific Investments
Metro Pacific Investments was taken private.[ 12]
February 6, 2023
DMC
DMCI Holdings
MEG
Megaworld
Regular semi-annual rebalancing.[ 13]
February 6, 2023
UBP
Unionbank
RLC
Robinsons Land
Regular semi-annual rebalancing.[ 13]
August 8, 2022
SCC
Semirara Mining and Power Corporation
SECB
Security Bank
Regular semi-annual rebalancing.[ 14]
February 14, 2022
EMP
Emperador, Inc.
BLOOM
Bloomberry Resorts
Regular semi-annual rebalancing. [ 15]
February 14, 2022
MONDE
Monde Nissin
RRHI
Robinsons Retail
Regular semi-annual rebalancing. MONDE entered the index via early entry.[ 15]
October 11, 2021
WLCON
Wilcon Depot
FGEN
First Gen Corporation
KKR acquired stake of FGEN's shares, bringing FGEN's free float level below the minimum requirement.[ 16]
August 16, 2021
ACEN
ACEN Corporation
DMC
DMCI Holdings
Regular semi-annual rebalancing. [ 17]
August 16, 2021
CNVRG
Converge ICT
EMP
Emperador, Inc.
Regular semi-annual rebalancing. PSE revised its index guidelines to allow for early entry, rendering the newly-listed Converge eligible for the index.[ 17]
August 17, 2020
EMP
Emperador, Inc.
SCC
Semirara Mining and Power Corporation
Regular semi-annual rebalancing.[ 18]
February 18, 2019
BLOOM
Bloomberry Resorts
PCOR
Petron Corporation
Regular semi-annual rebalancing.[ 19] [ 20]
September 28, 2017
RRHI
Robinsons Retail
EDC
Energy Development Corporation
Component stock First Gen Incorporated (FGEN) sold its stake in EDC to Macquarie, bringing EDC's free float level below the minimum requirement.[ 21] [ 22] [ 23]
March 13, 2017
PGOLD
Puregold
EMP
Emperador, Inc.
Regular semi-annual rebalancing.[ 24] [ 25] [ 26]
September 12, 2016
SECB
Security Bank
BLOOM
Bloomberry Resorts
Regular semi-annual rebalancing.[ 27]
September 15, 2015
EMP
Emperador, Inc.
PX
Philex Mining
Regular semi-annual rebalancing.[ 28]
March 17, 2014
MER
Meralco
MWC
Manila Water
Regular semi-annual rebalancing.[ 29]
September 16, 2013
GTCAP
GT Capital
BEL
Belle Corporation
Regular semi-annual rebalancing.[ 30]
September 16, 2013
LTG
LT Group
MER
Meralco
Regular semi-annual rebalancing.[ 30]
March 11, 2013
BLOOM
Bloomberry Resorts
SMDC
SM Development Corp.
Regular semi-annual rebalancing.[ 31]
September 10, 2012
PCOR
Petron Corporation
CEB
Cebu Pacific
Regular semi-annual rebalancing.[ 32]
September 12, 2011
BEL
Belle Corporation
ABS
ABS-CBN Corporation
Regular semi-annual rebalancing.[ 33]
September 12, 2011
CEB
Cebu Pacific
FLI
Filinvest Land
Regular semi-annual rebalancing.[ 33]
September 12, 2011
SMC
San Miguel Corporation
FPH
First Philippine Holdings Corporation
Regular semi-annual rebalancing.[ 33]
September 12, 2011
SMDC
SM Development Corp.
LC
Lepanto Consolidated Mining Co.
Regular semi-annual rebalancing.[ 33]
September 12, 2011
SCC
Semirara Mining Corporation
SECB
Security Bank
Regular semi-annual rebalancing.[ 33]
May 9, 2011
SECB
Security Bank
CHIB
Chinabank
Regular semi-annual rebalancing.[ 34]
November 8, 2010
DMC
DMCI Holdings
GMA7
GMA Network
Regular semi-annual rebalancing.[ 35]
November 8, 2010
FGEN
First Gen Corporation
SMC
San Miguel Corporation
Regular semi-annual rebalancing.[ 35]
November 8, 2010
JGS
JG Summit Holdings
SECB
Security Bank
Regular semi-annual rebalancing.[ 35]
May 11, 2010
ABS
ABS-CBN Corporation
DMC
DMCI Holdings
Regular semi-annual rebalancing.[ 36]
May 11, 2010
CHIB
Chinabank
FGEN
First Gen Corporation
Regular semi-annual rebalancing.[ 36]
May 11, 2010
MPI
Metro Pacific Investments
PSE
Philippine Stock Exchange
Regular semi-annual rebalancing.[ 36]
November 3, 2009
DMC
DMCI Holdings
ABS
ABS-CBN Corporation
Regular semi-annual rebalancing.[ 37]
November 3, 2009
PSE
Philippine Stock Exchange
RCBC
Rizal Commercial Banking Corporation
Regular semi-annual rebalancing.[ 37]
November 3, 2009
SECB
Security Bank
VLL
Vista Land
Regular semi-annual rebalancing.[ 37]
May 4, 2009
APC
Aboitiz Power
PCOR
Petron Corporation
Regular semi-annual rebalancing.[ 38]
May 4, 2009
GMA7
GMA Network
UBP
Unionbank
Regular semi-annual rebalancing.[ 38]
November 14, 2008
ABS
ABS-CBN Corporation
JGS
JG Summit Holdings
Regular semi-annual rebalancing.[ 39]
November 14, 2008
AGI
Alliance Global
PNB
Philippine National Bank
Regular semi-annual rebalancing.[ 39]
November 14, 2008
PCOR
Petron Corporation
HLCM
Holcim Philippines
Regular semi-annual rebalancing.[ 39]
May 26, 2008
PNB
Philippine National Bank
ABS
ABS-CBN Corporation
Regular semi-annual rebalancing.[ 40] [ 41]
May 26, 2008
RCBC
Rizal Commercial Banking Corporation
BEL
Belle Corporation
Regular semi-annual rebalancing.[ 40] [ 41]
May 26, 2008
UBP
Unionbank
DMC
DMCI Holdings
Regular semi-annual rebalancing.[ 40] [ 41]
May 26, 2008
VLL
Vista Land
PCOR
Petron Corporation
Regular semi-annual rebalancing.[ 40] [ 41]
November 16, 2007
EDC
PNOC Energy Development Corporation
MA
Manila Mining
Regular semi-annual rebalancing.[ 42]
November 16, 2007
FLI
Filinvest Land
SECB
Security Bank
Regular semi-annual rebalancing.[ 42]
November 16, 2007
RLC
Robinsons Land
Regular semi-annual rebalancing.[ 42]
June 4, 2007
EPCI
Equitable Bank
Removed from the index without replacement due to its merger with another constituent stock Banco De Oro .[ 42]
May 16, 2007
FGEN
First Gen Corporation
BPC
Benpres Holdings
Regular semi-annual rebalancing.[ 42]
May 16, 2007
MA
Manila Mining
FLI
Filinvest Land
Regular semi-annual rebalancing.[ 42]
May 16, 2007
URC
Universal Robina
SCC
Semirara Mining
Regular semi-annual rebalancing.[ 42]
December 4, 2006
HLCM
Holcim Philippines
DGTL
Digitel
Regular semi-annual rebalancing.[ 43]
December 4, 2006
JGS
JG Summit Holdings
EEI
Empire East Land
Regular semi-annual rebalancing.[ 43]
December 4, 2006
SECB
Security Bank
MA
Manila Mining
Regular semi-annual rebalancing.[ 43]
December 4, 2006
SCC
Semirara Mining
MPC
Metro Pacific Corporation
Regular semi-annual rebalancing.[ 43]
April 3, 2006
EEI
Empire East Land
HLCM
Holcim Philippines
PSE adopted a free-float criterion, which Holcim failed to qualify.[ 44] [ 45]
April 3, 2006
MA
Manila Mining
PLTL
Piltel
PSE adopted a free-float criterion, which Piltel failed to qualify.[ 44] [ 45]
See also
References
^ a b Peña, Zinnia B. Dela. "PSE renames index, adopts free float system" . Philstar.com . Retrieved July 23, 2025 .
^ "The Philippine Stock Exchange" . Retrieved September 17, 2014 .
^ "The Philippine Stock Exchange, Inc. — PSE" . The Philippine Stock Exchange, Inc. — PSE . Retrieved July 22, 2025 .
^ Nicolas, Jino (January 26, 2018). "PSEi tops 9000 to finish at 2018's 8th record high" . BusinessWorld Online . Retrieved July 22, 2025 .
^ Balaba, Jeaneth Michelle L. (June 20–22, 2017). Does the Stock market Drive the Philippine Economy? (PDF) . DLSU Research Congress 2017 . Retrieved July 31, 2018 .
^ Heydarian, Richard Javad (March 20, 2013). "Philippine Stocks Crash: Symptom of Growing Economic Imbalances" . HuffPost . Retrieved July 31, 2018 .
^ a b c "PSE Policy on Index Management" (PDF) .
^ "RESULTS OF THE REVIEW OF PSE INDICES" (PDF) . Philippine Stock Exchange . August 8, 2025.
^ "PLUS joins PSEi, replaces BLOOM" . The Philippine Stock Exchange, Inc. — PSE . Retrieved August 11, 2025 .
^ a b "PSEi refresh adds two new members: AREIT and CBC" . The Philippine Stock Exchange, Inc. — PSE . Retrieved July 22, 2025 .
^ Camus, Miguel R. (September 28, 2023). "UnionBank out of PSE index effective Oct. 4; Nickel Asia in" . INQUIRER.net . Retrieved July 22, 2025 .
^ a b Piad, Tyrone Jasper C. (September 21, 2023). "Aboitiz Power, MPIC kicked out of PSEi after public float downsized" . INQUIRER.net . Retrieved July 22, 2025 .
^ a b "DMC and UBP to replace MEG and RLC in PSEi" . The Philippine Stock Exchange, Inc. — PSE . Retrieved July 22, 2025 .
^ Cordero, Ted (July 29, 2022). "PSE shakes up main index: Semirara in, Security Bank out" . GMA News Online . Retrieved July 22, 2025 .
^ a b "PSE index review: Emperador and Monde Nissin in, Bloomberry Resorts and Robinsons Retail out" . The Philippine Stock Exchange, Inc. — PSE . February 4, 2022. Retrieved July 22, 2025 .
^ Dumlao-Abadilla, Doris (October 8, 2021). "Wilcon gets into PSEi, replaces First Gen" . INQUIRER.net . Retrieved July 22, 2025 .
^ a b Dumlao-Abadilla, Doris (August 6, 2021). "PSE tweaks main index basket: Acen, Converge in, DMCI, Emperador out" . INQUIRER.net . Retrieved July 22, 2025 .
^ "Emperador set to join 30-company PSE index" . Manila Standard . Retrieved August 19, 2021 .
^ "Bloomberry in, Petron out of PSE index" . The Philippine Stock Exchange, Inc. — PSE . February 8, 2019. Retrieved July 22, 2025 .
^ Gonzales, Iris. "Bloomberry in, Petron out in benchmark stock index" . Philstar.com . Retrieved July 22, 2025 .
^ "PSE announces EDC replacement in main index" . The Philippine Stock Exchange, Inc. — PSE . September 26, 2017. Retrieved July 22, 2025 .
^ Dumlao-Abadilla, Doris (September 26, 2017). "RRHI to join PSEi, replacing EDC" . INQUIRER.net . Retrieved July 22, 2025 .
^ Schnabel, Chris (September 26, 2017). "Robinsons Retail Holdings to replace EDC on PSEi" . RAPPLER . Retrieved July 22, 2025 .
^ "PSE announces results of latest index review" . The Philippine Stock Exchange, Inc. — PSE . February 22, 2017. Retrieved July 22, 2025 .
^ Dumlao-Abadilla, Doris (February 22, 2017). "Puregold to debut on PSEi, replacing Emperador" . INQUIRER.net . Retrieved July 22, 2025 .
^ Cabuenas, Jon Viktor (February 22, 2017). "Puregold gets in on 30-stock PSEi, Emperador goes out" . GMA News Online . Retrieved July 22, 2025 .
^ Inquirer, Philippine Daily (August 25, 2016). "Security Bank joins stock exchange index" . INQUIRER.net . Retrieved July 22, 2025 .
^ "Emperador a blue chip under revised PSE index" . Philstar.com . Retrieved August 19, 2021 .
^ Dumlao, Doris C. (February 24, 2014). "Meralco returns to PSEi" . INQUIRER.net . Retrieved July 22, 2025 .
^ a b Rivera, Danessa O. "LT Group, GT Capital replace Meralco, Belle Corp. in benchmark PSEi" . GMA News Online . Retrieved August 19, 2021 .
^ "New PSEi: Razon-led Bloomberry in, Sy-led SMDC out" . Rappler . February 28, 2013. Retrieved August 19, 2021 .
^ Miraflor, Madelaine B. (August 24, 2012). "Petron replaces Cebu Air at stock index" . The Manila Times . Retrieved August 19, 2021 .
^ a b c d e Montecillo, Paolo G. (August 26, 2011). "SMC, 4 others join index" . INQUIRER.net . Retrieved July 22, 2025 .
^ "PSE Annual Report 2011" (PDF) . Philippine Stock Exchange . 2012. Retrieved July 23, 2025 .
^ a b c "PSE Annual Report 2010" (PDF) . Philippine Stock Exchange . 2011. Retrieved July 23, 2025 .
^ a b c Peña, Zinnia B. Dela. "PSE reconstitutes main index" . Philstar.com . Retrieved July 23, 2025 .
^ a b c "Bourse changes composition of PSE index" . GMA News Online . October 22, 2009. Retrieved July 23, 2025 .
^ a b Peña, Zinnia B. Dela. "PSE reconstitutes indices" . Philstar.com . Retrieved August 19, 2021 .
^ a b c "PSE Annual Report 2008" (PDF) . Philippine Stock Exchange . 2009. Retrieved July 23, 2025 .
^ a b c d "PSE to drop Petron, 3 others from main index" . GMA News Online . April 28, 2008. Retrieved July 23, 2025 .
^ a b c d Peña, Zinnia B. Dela. "PSE set to revise anew composition of main index" . Philstar.com . Retrieved July 23, 2025 .
^ a b c d e f g "PSE Annual Report 2007" (PDF) . Philippine Stock Exchange . 2008.
^ a b c d "PSE Annual Report 2006" (PDF) . Philippine Stock Exchange . Retrieved July 23, 2025 .
^ a b "Holcim, Piltel taken out of stock index" . The Manila Times . March 18, 2006. Retrieved August 19, 2021 .
^ a b Peña, Zinnia B. Dela. "PSE changes 30-firm composite index after thorough review" . Philstar.com . Retrieved July 23, 2025 .
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