MANILA — PLDT’s digital bank and e-wallet platform Maya will not be listed on the Philippine Stock Exchange anytime soon. 

PLDT Chairman Manny Pangilinan said Maya will have to prove it is profitable first in the next two years.

“To dream of an IPO in the next two years is simply an illusion,” he said.

Meralco chairman Manny V. Pangilinan at the Giga Summit in Makati City on September 11, 2023. Mark Demayo, ABS-CBN News/File

At the sideline of the PLDT Annual Stockholders’ Meeting in Taguig, Pangilinan said Maya is still experiencing some challenges, admitting that its rival GCash is more popular in the country.

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“What is the vocabulary, the vernacular for e-wallet? Hindi naman Maya, ‘di ba? GCash,” said Pangilinan who also recounted a beach vendor who told him to pay via GCash if he has no cash.

Pangilinan, however, said he expects Maya Bank to break even by the end of the year. But that does not mean an Initial Public Offering (IPO) for Maya.

“They're not in a position to be IPO in the near future. Period. They have to demonstrate they can be profitable starting 2025,” he asserted.

Pangilinan said they will continue to grow Maya Bank further. It now has 3.4 million depositors with P29 billion deposit balance as of March 2024. P34 billion of loans have also been disbursed.

“We're way behind their digital wallet. Everyone knows that. Hindi naman kami bulag. Digital bank is a strength for Maya because Globe doesn't have a digital bank,” he said.

Maya’s rival GCash is also planning to go public depending on market conditions. It said it wants to unlock its fair value upon listing.