More GCash services for underserved Filipinos loom amid Mynt IPO — analyst

MANILA, Philippines — The initial public offering of GCash’s parent company could generate additional resources to expand its digital financial services and reach more underserved and unbanked Filipinos, according to a financial analyst.

Michael Ricafort, chief analyst at Rizal Commercial Banking Corp., said the additional funding that could be raised out of Mint’s IPO may support GCash’s expansion, potentially allowing more Filipinos, particularly those in underserved areas, to gain access to digital financial products and services.

“More funds for expansion and greater financial inclusion especially to more unbanked areas would be welcomed,” Ricafort said.

His view comes amid continuing gaps in financial access in the Philippines, with an Asian Banking and Finance report citing estimates that about 42% to 50% of adult Filipinos remained without a formal financial or traditional bank account as of early 2026, even as digital e-money wallets such as GCash have helped bridge part of the gap.

Ricafort said the broader adoption of digital financial services could also make the Mynt IPO a catalyst for improving financial inclusion and supporting wider economic activity.

“Indeed (the IPO) would be an important catalyst to further improve financial inclusion in the country with widespread use around the country becoming more mainstream in recent years and also for the coming years,” he said.

He noted that the expanding range of financial solutions could also bring traditional and innovative investment and other financial products closer to ordinary Filipinos.

“Amid increasing offering of financial solutions, both traditional and innovative investment and other financial products at the retail level within reach by the ordinary Filipino,” Ricafort said.

The potential expansion of GCash services comes as Mynt moves closer to its planned listing on the Philippine Stock Exchange (PSE), following the exchange’s approval of its listing application.

Ayala Corp. and Globe Telecom Inc., in separate statements, said Mynt received the PSE’s Notice of Approval on September 17 covering up to 8.03 billion common shares, with an overallotment option of up to 1.20 billion additional secondary common shares.

The PSE approval came less than two weeks after Mynt received a pre-effective letter from the Securities and Exchange Commission (SEC) for its proposed IPO.

The scheduled offering carries a maximum indicative price of P10 per share and could generate gross proceeds of up to P92.32 billion if the overallotment option is fully exercised, potentially making the GCash listing one of the largest IPOs in Philippine history.

The final offer price, however, will be determined through the book-building and price-discovery process. 

Bloomberg reported that Mynt was telling investors it was on track to price the offering below the P10 maximum, with some investors reportedly looking at a price of around P6.50 per share.

The same Bloomberg report said global investment firms BlackRock, Capital Group and Schroders were among institutions poised to participate in the offering, while the International Finance Corp. (IFC), the World Bank Group’s private-sector investment arm, was also among the cornerstone investors.

The reported interest from major international institutions comes as Mynt prepares what is expected to be a landmark listing for the Philippine capital market.

Mynt’s IPO final price is scheduled to be set on October 1, followed by the public offering from October 6-2 and the expected PSE listing on October 20. (Contributed story)

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