Six of the 10 largest major companies in the Philippines are conglomerates, operating in industries spanning from food and beverages to electricity distribution and financial services. Two Filipino regional banks also rank among the Asian island country’s top 10 firms.
To appreciate a macro-level international trade perspective on recent company performance, consider that the overall value of Filipino exports grew in value by 8.3% from US$52 billion in 2012 to $56.3 billion for 2016. Year over year, the aggregate value of exports from the Philippines dropped by -4% from 2015 to 2016.
In our micro-level analysis below, we compare Philippines top 10 companies based on asset values, number of employees, sales and profitability as of May 2016. Also specified is the Phlippine city where each business has its headquarters.
Philippines Top 10 Largest Companies
Below are Philippines biggest companies organized by asset value. Shown within parentheses is the primary industry in which each company operates. Also shown is the change in asset value as of May 2016 compared to the same month 2015.
- Metropolitan Bank & Trust (regional bank): US$37.5 billion up 20.4% from 2015
- BPI (regional bank): $32.2 billion, up 19.4%
- Top Frontier Investment Holdings (conglomerate): $29.1 billion, up 8.2%
- San Miguel (conglomerate): $25.3 billion, down -0.1%
- Ayala (conglomerate): $16.9 billion, up 25.3%
- SM Investments (department stores): $16.4 billion, up 14.6%
- PLDT (telecommunications services): $9.7 billion, up 8%
- Alliance Global Group (conglomerate): $7.3 billion, down -0.4%
- Aboitiz Equity Ventures (conglomerate): $7.2 billion, up 57.4%
- Manila Electric (electric utility): $6 billion, up 11.1%
Eight of these mammoth firms grew their asset values from 2015 to May 2016, led by conglomerate Aboitiz Equity Ventures’ 57.4% gain. Conglomerate competitor Ayala improved by 25.3%. Two regional banks posted the next fastest increases, with Metropolitan Bank & Trust improving by 20.4% and BPI moving ahead by 19.4%. Representing department stores, SM Investments appreciated by 14.6%.
Alliance Global Group suffered a -0.4% cutback in its asset size from 2015 to May 2016, while another conglomerate San Miguel saw its capital base shrink by -0.1%.
Sales serves as the life blood for many business. This rings particularly true for firms that compete not only for domestic revenues but also as a measure of financial strength in international markets. Six of Philippines largest companies increased their year-over-year sales as of May 2016.
- San Miguel: US$17.6 billion, up 0.1% from 2015
- Top Frontier Investment Holdings: $14.9 billion, down -10.8%
- SM Investments: $6.2 billion, up 6.6%
- Manila Electric: $5.7 billion, down -19%
- Ayala: $3.8 billion, up 19.4%
- PLDT: $3.8 billion, down -6%
- Alliance Global Group: $2.6 billion, up 2%
- Aboitiz Equity Ventures: $2.4 billion, up 28.4%
- Metropolitan Bank & Trust: $1.8 billion, down -3.2%
- BPI: $1.6 billion, up 6.7%
Aboitiz Equity Ventures recorded a 28.4% increase in sales followed by Ayala (up 19.4%), BPI (6.7%), SM Investments (up 6.6%), Alliance Global Group (up 2%) and San Miguel (up 0.1%).
Sales declines ranged from a -19% drop for Manila Electric to a more modest -3.2% decrease for financial services player Metropolitan Bank & Trust.
Despite the slowing global economy, not one of the top 10 Filipino companies endured a loss as of May 2016.
- Top Frontier Investment Holdings: US$3.8 billion, up from nil in 2015
- San Miguel: $914.7 million, up 1.6%
- SM Investments: $624.9 million, up 4.2%
- Ayala: $489.3 million, up 63.1%
- PLDT: $486.4 million, down -39.2%
- Alliance Global Group: $460.2 million, down -8%
- Manila Electric: $419.4 million, up 4.8%
- BPI: $400.5 million, up 0.1%
- Metropolitan Bank & Trust: $397.9 million, down -20.4%
- Aboitiz Equity Ventures: $388.3 million, down -35.3%
However, four of the listed companies suffered profit shrinkage as high as a -39.2% drop for PLDT and -35.3% for Aboitiz Equity Ventures.
The leading Filipino profit gainer was Top Frontier Investment Holdings, followed by 63.1% worth of black ink progress for Ayala.
As the following list shows, the largest Filipino companies by asset value does not precisely correspond with the number of employees who work for each corporation.
- SM Investments: 86,457 employees
- Ayala: 35,073 employees
- Alliance Global Group: 28,885 employees
- Top Frontier Investment Holdings: 18,656 employees
- San Miguel: 18,095 employees
- PLDT: 17,176 employees
- BPI: 14,647 employees
- Metropolitan Bank & Trust: 11,186 employees
- Manila Electric: 5,766 employees
- Aboitiz Equity Ventures: 267 employees
For example, SM Investments places sixth in terms of asset size yet the department stores conglomerate provides the most jobs compared to the other major companies in the Philippines.
Five of the Philippines top 10 largest companies have their headquarters located in the City of Makati, nicknamed the “Financial Capital of the Philippines” or the “Wall Street of the Philippines”.
- Metropolitan Bank & Trust: Makati City
- BPI: Makati City
- Top Frontier Investment Holdings: Makati City
- San Miguel: Mandaluyong
- Ayala: Makati City
- SM Investments: Pasay City
- PLDT: Makati City
- Alliance Global Group: Quezon City
- Aboitiz Equity Ventures: Cebu City
- Manila Electric: Pasig
Makati is the financial center of the Philippines, boasting the nation’s highest concentration of multinational and local corporations. Major banks, corporations, department stores as well as foreign embassies are based in Makati.
Note some of the above company offerings may include products others than the principal category shown within parenthesis under the Assets tab.
For example, Top Frontier Investment Holdings is a diversified conglomerate that not only produces food, drinks and packaging products, another business division engages in mining.
Besides offering telecommunication services and products for fixed line and wireless customers, Philippine Long Distance Telephone Co. (PLDT) also provides outsourcing business process solutions via its subsidiaries. Investment is another business for PLDT.
Forbes 2016 Global 2000 individual company profiles, Example of top Philippine company compiled for this study: Metropolitan Bank & Trust. Accessed on August 9, 2016
Forbes 2015 Global 2000 rankings, The World’s Biggest Public Companies. Accessed on August 9, 2016
Top Frontier, Holding Company informational website. Accessed on August 9, 2016
Trade Map, International Trade Centre. Accessed on July 25, 2017
Wikipedia, Category: Companies of Philippines. Accessed on August 9, 2016
Wikipedia, List of companies of Philippines. Accessed on August 9, 2016
Wikipedia, Makati. Accessed on August 9, 2016