A PRELIMINARY RANKING of the Philippines’ Top 200 corporations showed an aggregate gross revenue of P11.25 trillion in 2019 on a consolidated basis, with conglomerate San Miguel Corp. (SMC) topping the list.

The aggregate gross revenue of these firms were 7.5% higher compared with their performance in 2018, based on available consolidated financial statements collected by BusinessWorld as of November.

SMC topped the list with P1.07 trillion in gross revenue last year, higher by 0.8% from the year before. Top Frontier Investment Holdings, Inc., which is San Miguel’s top shareholder, and fuel business Petron Corp. occupied the second and third spots with consolidated gross revenues of P1.07 trillion (up 0.9% year on year) and P520.61 billion (down 7.7%), respectively.

Some of Top Frontier/San Miguel subsidiaries also made it to the list. These firms include San Miguel Food and Beverage, Inc. (No. 7), San Miguel Brewery, Inc. (No. 23), SMC Global Power Holdings Corp. (No. 24), and Ginebra San Miguel, Inc. (No. 67).

Fourth on the list is Sy-led SM Investments Corp. with gross earnings of P506.3 billion, up 11.5% from the previous year. Among SM’s subsidiaries in the Top 200 include BDO Unibank, Inc. (No. 10), SM Prime Holdings, Inc. (No. 31), China Banking Corp. (No. 46), and BDO Leasing and Finance, Inc. (No. 150).

Some companies in which SM has equity investments were also in the list. These are 2GO Group, Inc. (No. 76), Atlas Consolidated Mining & Development Corp. (No. 85), Belle Corp. (No. 114), and Premium Leisure Corp. (No. 146).

Ayala Corp. and its subsidiaries grabbed fifth spot with P330.91 billion last year, 9.8% more than their consolidated earnings in 2018. Ayala subsidiaries that made the cut include Globe Telecom, Inc. (No. 16), Ayala Land, Inc. (No. 17), Bank of the Philippine Islands (No. 29), AC Energy Philippines, Inc. (No. 87), AyalaLand Logistics Holdings Corp. (No. 130), and affiliate iPeople, Inc. (No. 151).

Other top market players are also represented in the Top 200 list. With a consolidated gross revenue of P157.35 billion, Metro Pacific Investments Corp. (MPI) placed 20th, while its subsidiaries Manila Electric Co. (No. 6), Maynilad Water Services, Inc. (No. 58), and NLEX Corp. (No. 71) are also on the list.

Gokongwei-led JG Summit Holdings, Inc. is eighth in the ranking along with subsidiaries Robinsons Retail Holdings, Inc. (No. 18), Universal Robina Corp. (No. 28), Cebu Air, Inc. (No. 38), Robinsons Land Corp. (No. 66), and Robinsons Bank Corp. (No. 110).

Among other conglomerates included in the Top 200 are the following:

• Ty family’s GT Capital Holdings (No. 9), Metropolitan Bank & Trust Co. (No. 22), and First Metro Investment Corp. (No. 148)

• Aboitiz Equity Ventures, Inc. (No. 11), Aboitiz Power Corp. (No. 27), and UnionBank of the Philippines, Inc. (No. 48)

• Andrew L. Tan’s Alliance Global Group, Inc. (No. 13), Megaworld Corp. (No. 42), and Emperador, Inc. (No. 49)

• Lopez family’s First Philippine Holdings Corp. (No. 25), Lopez Holdings Corp. (No. 26), First Gen Corp. (No. 34); ABS-CBN Corp. (No. 56), Energy Development Corp. (No. 54), and Rockwell Land Corp. (No. 86)

• Lucio C. Tan’s PAL Holdings, Inc. (No. 21), LT Group, Inc. (No. 33), and Philippine National Bank (No. 45)

• Dennis A. Uy’s Udenna Corp. (No. 30) and Phoenix Petroleum Philippines, Inc. (No. 35)

• Gotianun family’s Filinvest Development Corp. (No. 40), East West Banking Corp. (No. 59), and Filinvest Land, Inc. (No. 68).

The rankings do not yet reflect the impact of the economic and health crisis brought by the coronavirus disease 2019 (COVID-19) as these were based on the firms’ financial performance in the fiscal year 2019.

Nevertheless, the rankings of these companies may change as more financial statements become available in the months ahead. These changes will be reflected in BusinessWorld’s Top 1000 Corporations in the Philippines, which is scheduled to be released within the first quarter of 2021.

To know more about the financials of the Top 200, you may purchase a digital copy of the special edition Top 200 Consolidated Corporations in the Philippines through the link https://bit.ly/33xTzM9 or contact 8535-9901 local 217 and 250. — Jobo E. Hernandez