AS has been previously mentioned, this seventh edition of “The Manila Times 500 and the Next 500” magazine is both a retrospective of the financial year 2022 to 2023 and an outlook for the rest of 2025 and beyond. One can, therefore, focus on the former timeframe through the optics of nostalgia and optimism with a view to systematically replicate and predict favorable outcomes in the latter period.
One can jump back to the tail end of 2023 as countries grapple with the effects of the global health and financial crisis and as multifold recovery ensues. In this timeframe, more medical and financial trends have emerged that are both challenging and enlivening. Trends such as the widened reach of digital connections, the emergency of artificial intelligence, and the proliferation of climate change bring forth the need for adaptation and genuine solutions. Amid these local and global issues, leading national and multinational companies in the Philippines have emerged, handling these concerns with data-driven decisions and mindful actions.
Flash forward to 2025, and such insightful strategies have helped the following companies, with the help of hindsight, to clinch the top 10 fiscal spots in the country.
Top 1: San Miguel Corp. (SMC) and subsidiaries
A top contender over the past few years, SMC is one of the top conglomerates in the country. It is also one of the most diversified conglomerates in the Philippines, specializing in food and beverages, packaging, fuel and oil, power, infrastructure and cement. SMC has taken advantage of the recovering economic conditions to recalibrate its framework, focusing on nation-building projects while interjecting its advocacy for sustainability. Furthermore, the company has geared its goals toward long-term growth, specifically in its large-scale infrastructure projects. While its revenue has seen a 3-percent decline — from P1.50 trillion in 2022 to P1.44 trillion in 2023 — it still holds the top spot. SMC has also seen tremendous growth in its net income from P26 billion in 2022 to P44 billion in 2023 — a 67-percent increase.
Top 2: Top Frontier Investment Holdings Inc. (TFHI)
Given that Top Frontier Investment Holdings Inc. is the largest shareholder of SMC, it is no surprise that TFHI holds the second spot. It holds 66 percent of SMC’s total outstanding stock, and it engages in the lucrative beverage, food, packaging, energy, fuel and oil, infrastructure and real estate property management and development. Much like SMC, TFHI has seen a 4-percent decline in its revenue — from P1.50 trillion in 2022 to P1.44 trillion in 2023. This is mainly due to the lower-than-average selling prices in its energy business. Nevertheless, TFHI has posted a 90-percent growth rate in its net income, starting at P23 billion in 2022 to P45 billion in 2023.
Top 3: Petron Corp. and subsidiaries
Petron Corp. secures its spot as the largest oil company in the Philippines by clinching the third spot. Since 2023, Petron’s strategy seems to have been to capture the demand recovery of energy. The company’s vision has likely been to create a prosperous and energy-secure nation, fostering meaningful experiences and sustainable success. Petron’s revenue has also seen a 6-percent decrease, recording P857 billion in 2022 and P801 billion in 2023. On the other hand, its net income has risen to 51 percent from P6 billion in 2022 to P10 billion in 2023.
Top 4: SM Investments Corp. (SMIC) and subsidiaries
SMIC is the parent holding company of the SM Group. Specifically, it handles its retail, property and banking sector. Its retail business has some of the best-known brands in the Philippines such as SM Supermarket, Hypermarket, Savemore, Waltermart and Alfamart. The SM malls, residential developments, commercial spaces, and hotels and convention centers belong to its property arm, SM Prime Holdings Inc. SMIC’s revenue had seen an 11-percent growth, starting at P552 billion in 2022 and P616 billion in 2023. Its net income has also risen to 25 percent, starting at P84 billion in 2022 and P106 billion in 2023. A large percentage of these numbers come from retail, followed by property, banks and portfolios, respectively.
Top 5: Manila Electric Co. (Meralco) and subsidiaries
Powering up the Philippines is Meralco, the country’s largest private sector electric distribution company, accounting for 55 percent of the country’s electricity output. It covers 39 cities and 72 municipalities across the Philippines. Its regulated and unregulated segments include electricity distribution, retail electricity supply, power generation and management of electric distribution facilities. As the fifth top company, Meralco recorded a 4-percent increase in its revenue — P426 billion in 2022 and P443 billion in 2023. Its net income has also seen a drastic increase from 2022’s P28 billion to 2023’s P38 billion, marking a 35-percent increase.
Top 6: San Miguel Food
and Beverage Inc. (SMFB)
and subsidiaries
As a leading distributor of food products in the country, SMFB holds some of the well-known food and beverage brands in the market, ranging from B-Meg foods, frozen food products, beer and hard liquor. SMFB is further divided into three main divisions: San Miguel Foods, San Miguel Brewery Inc. and Ginebra San Miguel Inc. SMFB has seen a 5-percent increase in its revenue, recording P358 billion in 2022 and P379 billion in 2023. Its net income has also increased to 10 percent, starting at P34 billion in 2022 and then rising to P38billion in 2023.
Top 7: Government Service and Insurance System (GSIS)
GSIS is a social insurance company that primarily serves the public sector and the government. Its members are given a wide range of social security benefits such as life insurance, separation or retirement and disability benefits. It also provides insurance to government assets and properties under the Property Insurance Law. For 2023, GSIS’ revenue has increased by 28 percent, starting at P282 billion in 2022 to P350 billion in 2023. It’s net income has seen a similar growth, with P74 billion in 2022 to P98 billion in 2023.
Top 8: JG Summit Holdings Inc. and subsidiaries
JG Summit Holdings Inc. is another diversified Filipino conglomerate with a huge presence in many economic sectors. Its largest subsidiary is Universal Robina Corp., which is known for its food-and-beverage products. It also owns the country’s largest domestic airline, Cebu Pacific Air. For 2023, JG Summit Holdings Inc. has posited a revenue growth rate of 14 percent, rising from 2022’s P301 billion to 2023’s P343 billion. It has also one of the highest net income growth rate from this list, starting at P8 billion in 2022 to P34 billion in 2023, marking a 324-percent increase.
Top 9: Ayala Corp.
and subsidiaries
Ayala Corp. is a leading player among multiple sectors, primarily in real estate, power, banking, telecommunications and power. Many might be aware of its subsidiaries in these sectors such as Ayala Land, ACEN Corp., Bank of the Philippine Islands and Globe Telecommunications, respectively. Reflecting on its commitment to address the needs of the country, Ayala Corp. is also veering toward manufacturing, infrastructure and education. Recording another high revenue growth rate of 11 percent, Ayala Corp has risen from P306 billion in 2022 to P341 billion in 2023. Its net income has also seen tremendous growth from 2022’s P45 billion to 2023’s P55 billion, marking a 20-percent difference.
Top 10: Aboitiz Equity Ventures Inc. and subsidiaries
Aboitiz Equity Ventures Inc. is another major public holding company in the Philippines with major investments in data science and artificial intelligence, banking and financial services, power, food, infrastructure and land. Its vision is to build the country’s first “techglomerate,” which is a conglomerate that incorporates the elements of a start-up and utilizes technology, innovation and creative thinking. Aboitiz’s revenue growth has been recorded at 1 percent, starting at P306 billion in 2022 and then rising to P310 billion in 2023. Its net income has also risen to 11 percent — from P38 billion in 2022 to P42 billion in 2023.