THE SAME SIX local firms made it to the latest Forbes Global 2000 list of the world’s biggest, most powerful and most valuable public companies.
Sy-led lender BDO Unibank, Inc. led the Philippine firms that landed on the 17th annual list of Forbes magazine which ranks international firms on the basis of sales, profits, assets and market value.
BDO climbed to 1,018th spot this year from 1,072nd place in 2018. Its market value stood at $11.2 billion, assets at $57.5 billion and profits at $621 million.
The Sy family’s holding firm, SM Investments Corp., followed in 1,092nd place, dropping from 883rd spot last year.
Top Frontier Investment Holdings, Inc., the biggest shareholder of San Miguel Corp., climbed to 1,196th spot from 1,210th.
Meanwhile, the country’s oldest conglomerate Ayala Corp. fell to 1,236th spot from 1,216th.
Metropolitan Bank & Trust Co., the listed lender of late tycoon George S.K. Ty, improved its ranking to 1,639th from 1,750th last year, while Gokongwei-led JG Summit Holdings, Inc. tumbled to 1,720th position from 1,506th.
The six Philippine firms join the elite list of 2,000 companies with a total of $41.2 trillion in revenues, $3.4 trillion in profits, $186.7 trillion in assets and $56.8 trillion in market capitalization.
“Businesses across the globe have experienced an exceedingly strong year, and since the most recent Global 2000 list, companies featured have seen steady increases in overall revenues, profits and market cap,” Forbes said in a statement.
“Banks and diversified financials had another particularly good year, with the majority of US banks noticing an increase in profits due largely to a recent suite of tax cuts. The M&A sector also underwent a number of significant business moves, with the $78.3-billion acquisition of Time Warner by AT&T topping the list.”
The Industrial & Commercial Bank of China topped the list for the seventh straight year, being the only firm exceeding the $4,000-trillion mark in terms of assets at $4,034.5.
JPMorgan Chase & Co. overtook China Construction Bank to take second spot, while the Agricultural Bank of China settled in fourth place. The Bank of China ranked eighth, rounding out China’s “Big Four” banks in the top 10.
Bank of America landed the fifth spot, followed by tech giant Apple at number six, Ping An Insurance at seventh place, Royal Dutch Shell at number nine and Wells Fargo at 10th spot.
This year marks the first time since 2010 that billionaire Warren Buffett-led Berkshire Hathaway was kicked out of the top 10, spiraling down 22 places to end at the 26th spot. Forbes said this was due to a “rare loss” in the fourth quarter of 2018.
Forbes ranks the companies by grading them on four metrics: sales, profits, assets, and market value. Each company’s scores are added up to come up with a composite score, which is then ranked from highest to lowest. — Arra B. Francia