38 Filipino firms in Fortune Southeast Asia 500 debut

There were 38 Philippine companies included in the inaugural Fortune Southeast Asia 500, which brings together the largest companies in the region as its core economy grows faster than those of Europe and the United States.

Diversified conglomerate San Miguel Corp. (SMC) — led by businessman Ramon Ang — was the lone Filipino firm that entered the top 10 firms in terms of revenue with $26.023 billion. The company reported an P8.887-billion net income in the first quarter of the year.

Philippine firms that were also included in the list were SM Investments (27th) with $10.275 billion in revenues, Manila Electric Company (34th) with $7.979 billion; JG Summit Holdings (55th) with $5.932 billion; BDO Unibank (57th) with $5.832 billion; and Aboitiz Equity Ventures (59th) with $5.587 billion.

Below is a list of the companies included in the list:

The list was topped by Singapore-based commodities trader Trafigura, followed by Thailand’s PTT at second, Indonesia’s Pertamina at third, Singapore’s Wilmat at fourth, and Olam at fifth.

Indonesian state electricity firm Perusahaan Listrik Negara came in at sixth place, followed by Thailand’s CP All at seventh, Singapore’s Flex at eighth, SMC at ninth, and Singapore’s DBS at tenth.

“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,” Fortune Asia executive editor Clay Chandler 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,” he added.—AOL, GMA Integrated News