Philippine bourse sees 2012 fundraising doubling

Funds raised on the Philippine Stock Exchange could double to a record of about 200 billion pesos ($4.7 billion) as companies jump on the market upswing, the head of the local bourse said on Friday.
The expected volume would come from initial public offerings, follow-on share sales and private placements. That might rise further if plans to introduce exchange-traded funds (ETFs) and securities lending in the second half of the year are achieved, said Hans Sicat, the exchange's president.
"We think that, barring any negative externalities, we're probably close to doubling ... Our estimate is about 197 billion pesos of new fundraising in the capital market," Sicat, a former investment banker, told Reuters in an interview. Capital raised on the PSE last year hit a peak of 107.5 billion pesos, with the local market ending 2011 as Asia's best performer, with a 4 percent gain.