THE Philippine Stock Exchange has removed from its index two firms, Holcim Philippines Inc. and Pilipino Telephone Co. (Piltel), in preparation for the implementation of the free-float criterion for companies seeking to qualify in the local bourse’s benchmark.

The removal of Holcim, a cement firm, and Piltel, a unit of Philippine Long Distance Telephone Co. (PLDT), came on the heels of the increase in the number of criteria that would allow listed companies to qualify for inclusion in the soon to be renamed PSE Composite Index (Phisix). In a recent decision, the bourse’s board agreed to rename the benchmark to PSEi.