San Miguel Corporation Is the Top Filipino Company in Fortune's 'Southeast Asia 500' List
Thirty-eight Philippine companies are included in Fortune Magazine's inaugural Southeast Asia 500, a list of revenue-generating firms that have made significant contributions to the region, even in the face of economic challenges.
Leading the pack is billionaire Ramon Ang's San Miguel Corporation (SMC)—the one and only Filipino conglomerate in the top 10. It placed ninth in the roster, with revenues amounting to $26.03 billion as of 2023. The Sy-owned SM Investments Corporation (SMIC) is at the 27th spot with $10.28 billion, while Manila Electric Company (Meralco) followed at 34th with $7.98 billion.
Gokongwei Group’s JG Summit Holdings also made it to the roster, ranking 55th with $5.93 billion in total revenues. Other Philippine firms in the list include BDO Unibank, Inc. at 57th place ($5.83 billion); Aboitiz Equity Ventures, Inc at 59th ($5.59 billion); Ayala Corporation at 70th ($5.21 billion); GT Capital Holdings, Inc. at 74th ($5.1 billion); Jollibee Foods Corporation at 86th ($4.39 billion); Cosco Capital Holdings, Inc. at 95th ($3.86 billion); PLDT, Inc. at 97th ($3.79 billion); and Alliance Global Group at 100th ($3.68 billion).
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“The inaugural Fortune Southeast Asia 500 list, our first-ever ranking of the largest companies in this part of the world, reflects a dynamic and fast-changing region—one that boasts a GDP of $4 trillion, and one whose core economies are growing notably faster than those of Europe or the [United States],” Clay Chandler, Fortune’s executive editor in Asia, said.
The companies that made the cut generated at least $1.79 trillion in combined revenues in 2023, up by 2.5 percent from the previous year, according to Fortune. The minimum requirement to be included in the list is pegged at $460.8 million. Apart from the Philippines, six other Southeast Asian countries were part of the roster, dominated by Indonesia with 110 companies. Thailand had 107 firms; Malaysia, 89; Singapore, 84; Vietnam, 70; and Cambodia, two. This is the first time that the global business magazine made a Southeast Asia-focused version of its decades-old Fortune 500 franchise.
“The Fortune Southeast Asia 500 debuts right as global business is starting to pay closer attention to the region,” Fortune said. “Southeast Asian economies are benefiting from supply chain diversification, as rapid domestic development builds the next wave of global middle class consumers.”
Singapore-based commodity trader Trafigura Group eclipsed all other companies in the region to claim the number one spot, with revenues totaling $244.3 billion. It was followed by Thai oil and gas provider PTT ($90.42 billion) and Indonesian oil and natural gas company Pertamina ($75.79 billion). Rounding up the top five are two other Singaporean firms: agricultural company Wilmar International ($67.16 billion) and agribusiness firm Olam Group ($35.95 billion).
Out of the 500 Southeast Asian firms recognized by Fortune, only five—including the Trafigura Group—made it to the global edition.
