Standing proud, growing strong despite the pandemic’s challenges
Written by: Tina Arceo-Dumlao
The devastation wrought by the COVID-19 pandemic did not spare anyone. Indeed, everyone was affected, especially companies operating in the Philippines, regardless of size.
It was just a question of by how much were local companies affected, and then how quickly and how well they were able to overcome the COVID-19 challenge to ensure their survival and eventual growth.
This year’s edition of the Philippines’ Growth Champions produced by the Philippine Daily Inquirer and international market research firm Statista highlights 25 companies that beat great odds and posted stellar numbers.
They came from a wide range of industries, led by information and technology, real estate, financial services and health care.
The Philippines’ Growth Champions 2023 is a list of the Top 25 companies in the Philippines that have achieved the highest percentage growth in revenues between 2018 and 2021.
The project was advertised online and in print, allowing all eligible companies to register via the website created by Statista and the Philippine Daily Inquirer. In addition, through research in company databases and other public sources, Statista identified hundreds of companies in the Philippines as potential candidates for the growth ranking. These companies were invited to participate in the competition via email, LinkedIn and phone.
The application phase ran from Dec 5, 2022, to Jan. 23, 2023. The submitted revenue figures had to be certified by the CEO, CFO, or a member of the executive committee of the company to ensure the veracity of the figures.
Criteria for inclusion in the list
To be included in the list of the Philippines’ Growth Champions, a company had to meet the following criteria:
- Revenue of at least ₱5,000,000 generated in 2018
- Revenue of at least ₱30,000,000 generated in 2021
- The company is independent (acts largely independently in its business decisions and does not receive significant sales from parent or related companies)
- The company is headquartered in the Philippines
- The revenue growth between 2018 and 2021 was primarily organic (i.e. "internally" stimulated)
Calculation of CAGR
The calculation of company growth rates is based on the revenue figures submitted by the companies.
The compound annual growth rate (CAGR) was calculated as follows:
Evaluation and quality assurance
All data reported by the companies was processed and checked by Statista. Missing data entries (employee numbers, address data, etc.) were researched in detail. Companies that did not fulfill the criteria for inclusion in the ranking were deleted.
The ranking of the Philippines’ Growth Champions was created through a complex procedure. Although the search was very extensive, the ranking does not claim to be complete, as some companies did not want to make their figures public or did not participate for other reasons.
Special Report released in Philippine Daily Inquirer
Below are the images from the 8-pager supplement of Philippine Daily Inquirer, released on March 6, 2023.
Due to a technical error on Statista’s end, Penbrothers were not included in the original ranking. Their rightful rank would have been fourth, which has been amended in the latest version of the ranking. This page is an updated version of the PH Growth Champions supplement originally published on March 6, 2023
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