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Asia Block Trades SEC (PH) PHP

Philippines Block Trade on PSE

Block-trade financing and discreet execution for large lines of shares listed in the Philippines — for sellers and acquirers who need to move size without disturbing the order book or the price.

01 · Process
How it works

From enquiry to print.

—StageWhat happensTiming
01Confidential enquiryThe line, the holding and the objective, shared through a secure channel.Day one
02Pricing the blockThe line is sized and a price set against it; any discount reflects size and liquidity.1–2 days
03Execution & printWorked off the order book or negotiated, then printed under the exchange’s block-trade rules.On the day
04Settlement & disclosureSettles on the standard cycle; any substantial-holding disclosure is sequenced around the print.T+1 / T+2
02 · The Market
Asia

Philippines equity markets.

A Philippine block trade moves a large line of PSE-listed stock in a single negotiated transaction — away from the continuous order book, at an agreed price — so a holder can exit, or an acquirer build a position, without walking the screen. Black Haven can take the line onto its own book, giving the seller a clean, priced exit while the disclosure and any tender-offer consequence of a substantial transfer are managed around the print.

The PSE runs a defined block-sale facility rather than a purely bilateral off-market print. A regular block sale generally requires a transaction value of at least PHP 20 million with the price within a set band of the reference price, and a special block sale a higher minimum, executed away from the order book. Size sits against a market where turnover concentrates in the PSEi names, so a large line in a thinner issuer is worked with more care. Beneficial-ownership crossings at 5%, and the 35% tender-offer trigger, are managed around the transfer, which settles T+2 through the SCCP and PDTC.

Philippines block trades at a glance:

Listed venuePhilippine Stock Exchange (PSE)
RegulatorSecurities and Exchange Commission (Philippines)
CurrencyPHP
SettlementT+2
Disclosure threshold5%
Principal indicesPSEi (PSE Composite Index)
StructureOff-market or negotiated-price

Regulatory references are published for general orientation and are not legal advice.

03 · Exchanges
One Venue

Each Philippines exchange, covered.

PSE · Manila (Bonifacio Global City)

Philippine Stock Exchange

The sole equity exchange of the Philippines, with a concentrated index led by family-controlled conglomerates and infrastructure issuers. Foreign-equity ceilings in regulated sectors are central to whether a non-resident line can be pledged.

View PSE →
04 · FAQ
Philippines · Block Trades

What holders ask about the Philippines.

01Does a block trade on the PSE have to be disclosed?
A block sale is executed through the exchange’s block facility and is reported as a matter of course. Separately, if the transfer takes a holder through 5% beneficial ownership, or changes an existing substantial interest, that is reportable to the SEC and the PSE under the Securities Regulation Code. Crossing 35% can trigger a mandatory tender offer. We map those consequences to the size and structure before the print.
02How large a line can be placed in a single block on the PSE?
The exchange sets minimum transaction values for regular and special block sales and a price band around the reference price, but the practical ceiling is liquidity in the specific name. PSEi constituents absorb size cleanly; a large holding in a thin Main Board or SME Board issuer is better taken onto our book and worked down. We quote against the actual free float and turnover.
03How do you execute a Philippines block trade?
We work the line off the order book, off-market or at a negotiated price, and the block is then printed to Philippine Stock Exchange (PSE) under its block-trade rules. Black Haven Investments can take all or part of the risk on the line, so the seller achieves a clean exit at an agreed price.
04How large a block can you handle in the Philippines?
It depends on the stock’s free float, daily traded volume and volatility. We assess each line on its merits and indicate a workable size and price range after reviewing the position.
05Does the block trade have to be disclosed?
Often, yes. A substantial transfer by a significant shareholder is generally disclosable under the relevant regime overseen by SEC (PH). We manage the sequencing and wording of any required notification around the trade.
06Can you finance the buyer of the block?
Yes. A block can be paired with a stock loan to the acquirer, so the newly acquired Philippines-listed line serves immediately as collateral for the financing that funds it.
07What is the settlement cycle for a Philippines block trade?
The negotiated block is printed to Philippine Stock Exchange (PSE) under its block-trade rules and then settles on the standard T+2 cycle. We coordinate the print, the settlement and any financing legs so the line moves cleanly.
08At what level must a block be disclosed in the Philippines?
The principal threshold is 5%, under SRC Rule 18.2 overseen by SEC (PH). A crossing by a substantial holder is notifiable; we sequence the print and the notice.
09Can you execute a block for a foreign or offshore seller?
Yes. The line is held with a qualified custodian and the block printed to Philippine Stock Exchange (PSE); we manage cross-border custody, settlement and the disclosure that attaches to a substantial transfer.
10How quickly can a Philippines block be executed?
It depends on the stock’s liquidity and the size of the line relative to daily volume. Once mandated, many blocks are worked and printed within days; thinner lines are paced to limit market impact.
05 · Adjacent Markets
Asia

Countries adjacent to the Philippines.

Hong Kong · Japan · China · South Korea · Taiwan · Singapore · Australia · New Zealand · India · Thailand · Indonesia · Malaysia · Vietnam · Pakistan · Sri Lanka · Kazakhstan · Bangladesh

All countries →

Guides

Related guides.

Block Trades

What Is a Block Trade, and How Does One Work?

A block trade is the off-market sale of a large line of listed shares at a negotiated price, executed bilaterally and printed under exchange rules to avoid moving the open market.

Read → Block Trades

How Do You Sell a Large Block of Shares Without Moving the Price?

A large block is sold without moving the price by taking it off the open order book — negotiating off-market at an agreed price, often with a liquidity provider taking the risk, and printing under exchange block rules.

Read → Disclosure

Do Block Trades Have to Be Disclosed?

Often yes. Once a significant shareholder crosses a market’s substantial-holding threshold, a block sale is generally notifiable to the regulator within a set window, with thresholds varying by jurisdiction.

Read →

A particular Philippines holding to talk through?

Send a confidential enquiry, and a senior principal will reply within one business day.

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