38 Philippine companies in Fortune ‘Southeast Asia 500’

MANILA, Philippines — Thirty-eight of the country’s top revenue-generating firms—mostly conglomerates, banks, power, and telecommunication companies—made it to Fortune Magazine’s inaugural “Southeast Asia 500” list, reflecting economic recovery in the region amid rapidly changing consumer needs.

Billionaire Ramon S. Ang’s San Miguel Corp. was the sole Philippine company in the Top 10, ranking 9th, with last year’s revenues totaling $26.02 billion. It was followed by the Sy family-led conglomerate SM Investments Corp. at No. 27 with $10.3 billion in revenues.

READ: SMC 2023 net income soars 67% to ₱44.7B

Others on the list are Manila Electric Co. (34th), JG Summit Holdings (55th), BDO Unibank Inc. (57th), Aboitiz Equity Ventures (59th), Ayala Corp. (70th), GT Capital Holdings (74th), Jollibee Foods Corp. (86th), Cosco Capital (95th), PLDT Inc. (97th), and Alliance Global Group (100th).

“The Fortune Southeast Asia 500 reflects a dynamic and fast-changing region—one whose core economies are growing notably faster than those of Europe or the US,” Clay Chandler, Asia executive editor of the business-focused global magazine, said in a statement.

“This is partly due to Southeast Asia taking on far greater significance in the global economy, not least because a host of Global 500 multinationals have shifted more of their supply chains to Southeast Asian nations,” Chandler added.

Of the seven countries included, Indonesia had the most companies on the list with 110, followed by Thailand with 107. Malaysia had 89 firms; Singapore, 84; Vietnam, 70; and Cambodia, two.

Singapore-based commodities trader Trafigura bested all other companies in the region with 2023 sales totaling $244 billion.

The Fortune 500 franchise ranks the Top 500 companies in various regions, based on revenues. Other coveted lists are the Fortune Global 500, Fortune Europe 500, and Fortune China 500.