42 Philippine companies make it to Fortune Southeast Asia 500

Ramon Ang-backed firm tops Philippine entries as Top Frontier leads list following San Miguel Corp. exit.

A total of 42 Filipino companies were included in the Fortune 500 list for Southeast Asia, led by a Ramon Ang-backed company as the highest-ranked Philippine entry.

San Miguel Corp. was absent from this year’s rankings, with its holding company Top Frontier Investment taking over as the top Philippine entry. Top Frontier Investment, the controlling shareholder of San Miguel Corp. co-owned by Ramon Ang and Iñigo Zobel, ranked 10th overall. In the previous year, only SMC was on the Fortune list, where it placed 9th.

SM Investments Corp.—parent company of the SM group—ranked second among Philippine companies at 28th, down from 25th in 2025. Its subsidiaries BDO Unibank and China Banking Corp. also remained on the list.

Three companies entered the list in 2026: Prime Infrastructure Capital, SteelAsia Manufacturing, and Asia United Bank. Manila Water fell from the list in 2026, previously ranking 384th (37th among 40 Philippine firms) in 2025.

Conglomerates dominated the list, including businesses under Ayala Corp., JG Summit Holdings, Cosco Capital, LT Group, Lopez Holdings, and the Razon Group. Major banks, property firms, and FMCG firms also appeared on the list. DigiPlus Interactive is the sole Philippine digital gaming firm on the list.

Philippine companies ranked lower overall than the previous year, dragged by stronger gains from other Southeast Asian firms specializing in energy, fuel, and logistics. Some domestic energy and banking firms climbed ranks, which may be attributed to rising costs from global fuel supply woes.

Fortune Magazine annually ranks the world’s largest companies by total revenue for the fiscal year. It began ranking Southeast Asian companies in 2024. The list covers publicly traded firms and private firms whose revenues are publicly available.

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