Midcap, dividend indexes beat PSEi, says PSE president

MIDCAP and Dividend-Yield indexes outperformed the Philippine Stock Exchange index (PSEi) in the past two years despite market headwinds, the bourse chief said.

“Despite headwinds and volatility in the stock market, the PSE MidCap and PSE Dividend Yield indices have significantly outperformed the PSEi in the last two years,” PSE President and Chief Executive Officer Ramon S. Monzon said in a statement on Tuesday.

Data from the PSE showed that the Dividend Yield index rose 22.4% in 2024 and 2.37% in 2025. The MidCap Index posted stronger gains of 29.1% in 2024 and 20.17% in 2025.

In contrast, the PSEi fell 7.3% in 2025 to close at 6,052.92, after posting a 1.2% gain in 2024.

The PSEi tracks the 30 largest and most actively traded common stocks listed on the local bourse and serves as a benchmark for the Philippine equity market.

INDEX CHANGES
Meanwhile, the Exchange on Monday updated the composition of its key indexes.

RL Commercial REIT, Inc. (RCR) will be added to the PSEi, replacing Alliance Global Group, Inc. (AGI), effective Feb. 2.

In the PSE MidCap Index, AGI will replace RCR. Apex Mining Co., Inc. will be added, while DoubleDragon Corp. will be removed.

Universal Robina Corp. will return to the PSE Dividend Yield Index, while OceanaGold (Philippines), Inc. will join as a new constituent. The Keepers Holdings, Inc. and Security Bank Corp. will be removed from the index.

“The regular index review ensures that the companies included in the indices are the best representatives of these benchmarks based on our set criteria,” Mr. Monzon said.

Following the review, the PSE MidCap Index will include Alliance Global Group (AGI), Apex Mining (APX), Asia United Bank (AUB), Bloomberry Resorts (BLOOM), Cosco Capital (COSCO), D&L Industries (DNL), Ginebra San Miguel (GSMI), The Keepers Holdings (KEEPR), Megaworld (MEG), MREIT, Inc. (MREIT), Manila Water (MWC), Nickel Asia (NIKL), OceanaGold Philippines (OGP), Philippine National Bank (PNB), Robinsons Land (RLC), Robinsons Retail Holdings (RRHI), Security Bank (SECB), Philippine Seven (SEVN), Synergy Grid & Development Phils. (SGP), and Wilcon Depot (WLCON). 

The updated PSE Dividend Yield Index will include AREIT, Inc. (AREIT), China Banking Corp. (CBC), Citicore Energy REIT Corp. (CREIT), DMCI Holdings, Inc. (DMC), D&L Industries, Inc. (DNL), Globe Telecom, Inc. (GLO), LT Group, Inc. (LTG), Metropolitan Bank & Trust Company (MBT), Manila Electric Company (MER), MREIT, Inc. (MREIT), Nickel Asia Corp. (NIKL), OceanaGold (Philippines), Inc. (OGP), Puregold Price Club, Inc. (PGOLD), RL Commercial REIT, Inc. (RCR), Robinsons Land Corp. (RLC), Robinsons Retail Holdings, Inc. (RRHI), Semirara Mining and Power Corp. (SCC), Synergy Grid & Development Phils., Inc. (SGP), PLDT Inc. (TEL), and Universal Robina Corp. (URC).

The PSE MidCap Index tracks 20 high-liquidity mid-sized companies outside the top 30 PSEi by market capitalization. The PSE Dividend Yield Index covers 20 liquid companies selected based on their strong three-year average dividend yields. — Alexandria Grace C. Magno