Fortune has named three SM companies—SM Investments Corporation, BDO Unibank Inc., and China Banking Corporation—in its inaugural Southeast Asia 500 list, recognizing them among 38 top Philippine companies.
Companies included in the inaugural Southeast Asia 500 join an elite group recognized under the Fortune 500 franchise, which also includes the Fortune 500, Fortune Global 500, Fortune Europe 500, and Fortune China 500.
In its statement, Fortune highlighted Southeast Asia’s growing significance in the global economy, driven by shifting supply chains and rapid regional development.
“We are thrilled to introduce the Southeast Asia 500 to our international readers as we build on the 70-year history of publishing the Fortune 500. With this new list, we turn the spotlight on the impressive growth story of Southeast Asia and the largest companies driving this diverse region and its economies,” said Khoon-Fong Ang, Fortune’s Chief of Operations, Asia.
The list features companies from seven Southeast Asian countries: Indonesia, Thailand, Malaysia, Singapore, Vietnam, Cambodia, and the Philippines.
SM Investments, BDO Unibank, and Chinabank contributed USD 10.3 billion, USD 5.8 billion, and USD 1.4 billion in revenues, respectively.
“Having three SM companies included in the inaugural list of Fortune’s Southeast Asia 500 is reflective of how consumers have continued to patronize and support our customer-focused operations. More importantly, the list underscores Southeast Asia’s increasing importance in the global economy, driven by evolving supply chains and robust economic development across nations like the Philippines,” said SM Investments President and CEO Frederic C. DyBuncio in a media release. “It’s about time to shine the spotlight on Philippine companies and the opportunities in terms of investments and growth.”
Companies are ranked by total revenues for their latest fiscal years ending on or before December 31, 2023. The top ten companies on the list reported USD 650 billion in revenues, making up more than a third of the total USD 1.8 trillion reported by all Southeast Asia 500 companies for fiscal year 2023.
Fortune noted that while revenues and profits overall declined for the Southeast Asia 500 due to weak energy markets, impressive growth stories emerged in various industries.
“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 U.S. 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, Asia.
Fortune analysts found about 30 female CEOs and chairmen among the Southeast Asia 500 companies, along with 16 leaders in their 30s holding top executive positions. Altogether, the 500 companies employ nearly 6 million people.
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