Fortune cites three SM companies in first Southeast Asia 500 List

PASAY CITY, Philippines, June 20, 2024— Fortune recently named three SM companies, SM Investments Corporation, BDO Unibank Inc.  and China Banking Corporation in its first Southeast Asia 500 list out of a total 38 Philippine companies.

In a statement, Fortune said its focus on the region comes as Southeast Asia gains greater significance in the global economy due to shifting supply chains and the rapid development of the region’s economies.

The inaugural rankings included companies from seven Southeast Asian nations: Indonesia,

Thailand, Malaysia, Singapore, Vietnam, Cambodia and the Philippines.

The list included SM Investments, BDO and Chinabank which contributed USD10.3 billion, USD5.8 billion and USD 1.4 billion to 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. It’s about time to shine the spotlight on Philippine companies and the opportunities in terms of investments and growth,” SM Investments President and Chief Executive Officer Frederic C. DyBuncio said.

Companies are ranked by total revenues based on their latest available respective fiscal years ended on, or before, December 31, 2023. The ten largest companies on the list reported revenues of USD650 billion. That accounts for more than a third of the revenue for fiscal year 2023 across all Southeast Asia 500 companies which reported total revenues of USD1.8 trillion.

Fortune said that overall, revenues and profits shrank over the past year for the Southeast Asia 500. But those changes, driven by weak energy markets, masked impressive growth stories in multiple 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,” says Clay Chandler, Executive Editor, Asia.

In another sign of the dynamism of the region, Fortune’s analysts found there are about 30 female CEOs and chairmen amongst the Southeast Asia 500 companies. In all, there are 16 leaders in their 30s holding the positions of CEO, Managing Director, Executive Chairman or Chairman. In total, the 500 companies employ close to 6 million people.

“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.

Companies included in the inaugural Southeast Asia 500 join an elite group of firms recognized under the Fortune 500 franchise, which spans the original Fortune 500, the Fortune Global 500, the Fortune Europe 500, and the Fortune China 500.