Can the Philippines avoid a second-tier tech board trap?

George Royeca has big ambitions for Angkas. Once seen as illegal to operate in the Philippines due to vehicle registration laws, the motorcycle-hailing platform is now “seriously” considering an IPO in its home market, its founder and CEO told Tech in Asia.

Angkas said it could consider going public on a new Philippine tech board slated to launch later this year. The board is aimed at high-growth companies that may not yet meet the stricter capital requirements of traditional exchanges.

Despite a growing roster of valuable tech firms, including GCash, Maya, Kumu, and Angkas, the Philippines has yet to produce a blockbuster local tech listing comparable to those seen in Singapore or Indonesia.

The country’s overall IPO market has long been subdued due to strict listing requirements and slowing market growth. The government is looking for ways to reverse course.

It wouldn’t be the first one to roll out a junior board aimed at emerging tech firms in Southeast Asia.

Similar initiatives are already in place across the region. Singapore has Catalist, Vietnam operates UPCoM (though it isn’t limited to tech companies), and Indonesia has introduced its New Economy Board.

Across markets, the logic is straightforward: give high-growth startups a domestic venue to raise capital, with a path to graduate to the main board or list overseas.

The track record, however, is mixed. Listings on these junior exchanges have yet to deliver consistent liquidity or investor interest. The question now is whether they can serve as a genuine springboard to larger public markets or simply buy aspirants more time.

The graduation illusion

For companies like Angkas, which Royeca claims turned profitable in 2025, a tech-focused board could present a timely window to raise capital for expansion.

But he’s not rushing to list, noting that the company is still “keeping our options open” as “there is still a lot of interest in terms of private placements.”

And as it seems, Angkas has a lot to think about. One major factor is visibility.

Avoiding second-tier identity crisis

Why list, anyway?

The long road to listing day