Ayala, AGI, Jollibee debut on Forbes’ list of ‘Fab 50’

Three Philippine blue chip firms—Ayala Corp., Alliance Global Group Inc. and Jollibee Foods Corp.—debuted on Forbes Asia magazine’s 2013 list of Asia-Pacific’s best 50 big listed companies.

The list, which is dominated by companies from China (with 20), is the ninth annual roster of this kind compiled by the magazine.

Also, India had a dozen representatives on the list.

Forbes Asia said it began this year’s search with 1,220 companies that had at least $3 billion in annual revenue or market capitalization.

“We looked at each company’s track record for revenue, profits, return on capital and share-price movements, and then we sized up the outlook. If it had too much debt or the government owned at least half the shares, it was out,” the magazine said.

Ayala, AGI and Jollibee were among the 18 companies that landed on the list for the first time.

“Businesses are being tested throughout the region. Three years of slowing growth, gyrating currencies and stock prices, and stagnation in the export markets of the US and Europe all present challenges. Companies that are not only surviving but also shining in these times make up our ninth annual roster of Asia-Pacific’s best 50 big listed companies,” the magazine said.

In 2011 and 2012, JG Summit Holdings was the only Philippine firm that was on the list, but this year, it is no longer on the roster.

Forbes Asia noted that its latest list of billionaires is full of founders and executives of these “Fab 50” companies, noting that AGI chair Andrew Tan doubled his wealth to $4.6 billion and is the third-richest person on the list. Jaime Zobel de Ayala, the sixth richest ($3.1 billion), is chair emeritus of Ayala Corp., Philippines’ oldest conglomerate.

AGI is into property development, gaming and leisure estate, beverage manufacturing and fastfood businesses. Ayala is a diversified conglomerate with interests in property development, banking, telecommunications, water distribution, electronics manufacturing and business process outsourcing. Jollibee is a homegrown fastfood chain that has set up shop in overseas markets, particularly mainland China.