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Richmond Mercurio - The Philippine Star
June 14, 2025 | 12:00am
MANILA, Philippines — Companies owned by the Sy family led seven Philippine firms that made it to this year’s list of the largest public companies in the world, according to Forbes.
Forbes’ Global 2000 list included Sy-owned SM Investments Corp. and BDO Unibank Inc., Top Frontier Investment Holdings Inc., Ty-owned Metropolitan Bank & Trust Co., power giant Manila Electric Co., Ayala Corp. and International Container Terminal Services Inc. (ICTSI) of tycoon Enrique Razon Jr.
SM Investments, which operates as a holding company engaged in financial services, retail, banking and properties, was the highest-ranked Filipino company in the list at No. 811.
It was followed by its subsidiary, BDO, the country’s biggest bank, which ranked No. 846.
“Being named the country’s top company on the Forbes Global 2000 list reflects the broader story of a resilient and evolving Philippine economy – driven by strong fundamentals, vibrant local enterprise and consumption and the enduring optimism of our people,” SM Investments president and chief executive officer Frederic DyBuncio said.
“At SM, we strive to be a platform for sustained progress by enabling inclusive growth and supporting communities to thrive. Rankings may shift over time, but our purpose remains constant: to create meaningful impact and long-term value for our stakeholders. We remain committed to working with partners across sectors to help shape a more resilient, equitable and future-ready Philippines,” DyBuncio said.
Coming in at No. 1,116 is Top Frontier Investment, the majority shareholder of diversified conglomerate San Miguel Corp., followed by Metrobank at No. 1,317.
Meralco, which is chaired by business titan Manuel V. Pangilinan, is at 1,530th place, while Ayala, the country’s oldest conglomerate, ranked No. 1,644.
Ayala, in a statement, said the recognition inspires the group to carry on with its mission to build businesses that help people thrive.
“Coming from our strongest year yet in 2024, we continue to strengthen our core businesses and nurture our emerging ventures, all while harnessing the power of a more connected Ayala Group to create greater stakeholder value and sustain growth,” Ayala said.
“We also celebrate the inclusion of other Filipino companies in the list. This reflects the growing global competitiveness of Philippine enterprises,” the company added.
Completing the Philippine companies in the list is ports operator and logistics giant ICTSI at No. 1,702.
Companies that made the list were ranked using four metrics – sales, profits, assets and market value. The four metrics each have equal weights.
Forbes used the latest 12 months of financial data available as of April 25, 2025 to calculate the factors used in the ranking.
Forbes said the 2,000 companies on the 23rd edition of the list account for $52.9 trillion in annual revenue, $4.9 trillion in profit, $242.2 trillion in assets and $91.3 trillion in market cap.
A total of 612 companies on the list are headquartered in the US, with China coming in next with 317 companies represented, including firms based in Hong Kong.
Overall, JPMorgan topped the list and has been the number one company on Forbes’ Global 2000 for the past three years.
US firm Berkshire Hathaway came in at number two, followed by Industrial & Commercial Bank of China Ltd. at third, Saudi Arabian Oil Co. at fourth and Amazon at fifth.
Completing the top 10 globally are Bank of America, China Construction Bank, Agricultural Bank of China, Alphabet and Microsoft.
