Forty publicly-listed companies in the Philippines, led by San Miguel Corp., have made it to Fortune magazine’s list of the 500 biggest businesses in Southeast Asia.
Fortune unveiled its 2025 Southeast Asia 500 rankings, the second annual list of the region’s largest companies by revenue for the 2024 fiscal year. Fortune’s focus on Southeast Asia comes as the region emerges as a resilient growth engine for the global economy, playing an increasingly important role in global supply chains and capturing manufacturing capacity shifting from China due to heightened tariffs and trade tensions.
The companies are from seven Southeast Asian countries: Indonesia, Thailand, Malaysia, Singapore, Vietnam, the Philippines and Cambodia. Together, the Southeast Asia 500 companies are playing an increasingly important role in global supply chains, capturing manufacturing capacity shifting from China, which is drawing significant capital flows and reshaping global trade dynamics.
San Miguel Corp ranked ninth overall with $27.5 billion in revenue, while SM Investments Corp was 25th with $11.4 billion.
Other Philippine companies in the top 100 include Manila Electric Co at 35th; Ayala Corp, 47th; JG Summit Holdings Inc, 50th; BDO Unibank Inc, 57th; GT Capital Holdings, 61st; Aboitiz Equity Ventures, 68th; Jollibee Foods Corp, 79th; Cosco Capital, 88th; Bank of the Philippine Islands, 90th; Alliance Global Group, 92nd; PLDT Inc, 95th; Metropolitan Bank & Trust Co, 96th; and Robinsons Retail Holdings, 100th.
The Ayala Group saw three companies on the index. Ayala Corp jumped to 47th this year, a rise of 23 spots from 70th in the inaugural index last year.
“The leap mirrors the dynamism in the region’s business environment and reflects the conglomerate’s momentum, having logged its strongest year yet in 2024,” Ayala said.
Two of Ayala’s core businesses also made the list for the second consecutive year: Bank of the Philippine Islands (BPI) took the 90th spot, while Globe Telecom Inc (Globe) placed 114th.
“The Ayala Group’s rankings in the Fortune 2025 Southeast Asia 500 is a testament to its sustained momentum and affirms its strategic presence in key growth sectors. This recognition serves as an inspiration for Ayala to continue investing in businesses that contribute to nation-building and help Filipinos thrive,” the group said.
Bloomberry Resorts Corp, developer and operator of Solaire Resort Entertainment City, Solaire Resort North and Solaire Online, was ranked 289th in the 2025 iteration of the Fortune Southeast Asia 500 list.
Bloomberry jumped 18 places from 307th in the 2024 list as revenues were lifted by the contribution of Solaire Resort North. Located in the heart of Quezon City, Solaire Resort North serves mostly local customers and expands the Solaire Resort brand’s reach to the northern part of Metro Manila as well as the provinces of Bulacan and Pampanga.
Recording revenue of $921 million in 2024, Bloomberry was the 32nd largest by revenue among Philippine companies.
Indonesia has the most companies, 109, on the Southeast Asia 500, but Singapore companies lead in revenue, profits and assets.
Singapore-headquartered commodities trader Trafigura earned the top spot, generating more than $243 billion in revenue in 2024, followed by Thailand’s PTT (No. 2), Indonesia’s Pertamina (No. 3) and Singapore’s food and agribusiness powerhouses Wilmar (No. 4) and Olam (No. 5). The top five companies generated nearly $516 billion in revenue, or 28% of all 500 companies combined.
Together, the top 10 generated $660 billion – 36% of the list’s total revenue – while the top 20 accounted for $836 billion, nearly half the combined revenue of all 500 companies.
Singapore-based companies generated $637 billion in 2024, underscoring the city-state’s role as a regional business hub and accounting for just over a third of the Southeast Asia 500’s total revenue. Collectively, companies on the 2025 list generated $1.82 trillion in revenue in 2024, up from $1.79 trillion the year before. The minimum revenue threshold to be included on the 2025 list was $349.4 million.
“Fortune’s interest in the region reflects Southeast Asia’s growing importance as an engine of global growth,” said Clay Chandler, executive editor for Asia at Fortune.
“The region has become a crucial manufacturing and export hub, which is drawing significant capital flows. This momentum has been further fueled by Trump-era tariffs, which have reshaped global trade dynamics and driven a shift towards Southeast Asia,” he said.
