There is a list of minimum offerings to the public for initial listing.

When the market capitalization does

not exceed P500 million, the public offer is 33% or P50 million whichever is higher. If over 500 million to
1 billion, the public offer is 25% or 100 million whichever is higher, if over 1 billion to 5 billion, the public
offer is 20% or 250 million whichever is higher, and if over 5 billion to 10 billion on the other hand, it
reaches 15% or 750 million, whichever is higher. And lastly, when the market capitalization is over 10
billion, the public offer is 10% or 1 billion whichever is higher.

Next is,

h. Minimum number of Stockholders. In listing, the company must have at least 1,000 stockholders, and
each own stocks equivalent to at least 1 board lot. Once listed, companies must, at all times, maintain a
minimum percentage of listed securities held by the public of 10% of the listed companies issued and
outstanding shares, exclusive of any treasury shares, or as such percentage na Exchange can set .

Next is

i. Valuation of Assets. When required by the PSE, the company shall engage the services of an
independent appraiser accredited by the PSE and Securities and Exchange Commission to determine the
value of its assets.. Next we have

J. Full payment of Issued and Outstanding Shares. The company must pay in full all subscribed shares of
the same type and class that were applied for listing.

And finally, we have

k. Investor Relations Program. The company shall have an investor relation program to ensure that
information affecting the company is effectively communicated to investors. The program needs to
include a corporate website that contains information such as company's information, corporate news,
financial report, disclosures, investors frequently asked questions, investor contact details, and stock
information.

So, the above are the general criteria for admission to listing in the PSE.

And for additional information, a company can also be delisted. According to the Exchange's rules, the
company that has negative stockholders' equity for three consecutive years will be delisted. The
delisting of the company's securities will take effect 30 days after approval by the PSE Board of
Directors. The Exchange will immediately notify the listed company and the Securities and Exchange
Commission of such delisting and they will also make an announcement on their website about it.