Thirty-eight companies in the Philippines, led by San Miguel Corp., were included in Fortune’s Southeast Asia 500 List or the largest firms in the region.
San Miguel Corp. ranked 9th in the list, which was dominated by Indonesian, Thai, Malaysian and Singaporean companies.
Trafigura, a leading commodities group in Singapore, topped the regional list. Trafigura is one of the largest suppliers of metals, materials, oil and gas.
Indonesia dominated the list with 110 companies, followed by Thailand with 107, Malaysia with 89, Singapore with 84, Vietnam with 70 and Cambodia with two.
Aside from San Miguel, other Philippine entries are SM Investments Corp., Manila Electric Co., JG Summit Holdings Inc., BDU Unibank Inc., Aboitiz EQuity Ventures, Ayala Corp., GT Capital Holdings Inc. Jollibee Foods Corp. and Cosco Capital.
PLDT Inc., Alliance Global Group, Robinsons Retail Holdings, Metropolitan Bank & Trust Co., Globe Telecom, BPI, PAL Holdings, Lopez Holdings, ICTSI and DMCI Holdings were also in the list.
Also included are LT Group, Union Bank of the Philippines, Filinvest Development Corp., RCBC, Monde Nissin, China Banking Corp., Century Pacific Food, Basic Energy, Security Bank, Synergy GRid and Development, Bloomberry Resorts Corp., Metro Retail Stores Group, Converge ICT, Wilcon Depot, D&L Industries, Manila Water Company Inc., SSI Group and DigiPlus Interactive.
“Our new ranking reflects the rise and fall of energy markets, multinational supply chains, and tourism in some of the world’s most dynamic economies,” Fortune magazine said.
The top 10 companies in the Southeast Asia 500 are a diverse group. The energy sector holds three of the top spots, with Thailand’s PTT coming in at No. 2 and Indonesia’s Pertamina at No.3.
Singapore has the most companies in the top 10, with Trafigura joined by Wilmar at No.4, Olam at No. 5, Flex at No.8 and DBS at No.10. Also in the top ten are Thailand’s CP All at No.7 and the Philippines’ San Miguel at No.9.
“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. 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,” said Clay Chandler, executive editor for Asia at Fortune.
Fortune said Southeast Asia is taking on far greater significance in the global economy. It said that with a young and growing population of 680 million, low inflation, and stable exchange rates, Southeast Asia is emerging as an attractive market in its own right.
It said that companies on the Fortune Southeast Asia 500 took in $1.79 trillion in revenue in 2023, a drop of $45 billion, or 2.5 percent from the previous year. Earnings shrank to nearly $130 billion, down $13.9 billion, or 9.6 percent from 2022.