8 Phl Firms make Forbes 2000 list
By Richmond Mercurio
Eight Philippine firms have made it to Forbes magazine's list of 2,000 biggest public companies in the world, with SM Investments Corp. (SMIC) of the country's richest man Henry Sy Sr. leading the pack.
Combined, the eight Filipino companies have a market capitalization worth $77.763 billion as of May this year and profits amounting to $3.734 billion.
SMIC ranked 911th on the list of "the world's largest, most powerful public companies" as measured in terms of revenues, profits, assets and market value. The investment holding firm of the Sy family has investments in retail, banking and property businesses.
Its integrated property unit SM Prime Holdings is considered one of the largest in Southeast Asia.
Ayala-led Bank of the Philippines Islands (BPI) was the next biggest Filipino listed firm on the list at number 1,243.
Two Manuel V. Pangilinan-led firms, meanwhile, landed in the list, with local telecommunications giant Philippine Long Distance Telephone Co. at 1,259th and the Philippines' largest power distributor Manila Electric Co. (Meralco) 1,808th.
Other Philippine companies that made it to the list were George S.K Ty-led Metropolitan Bank and Trust Co. (1,297th), the Philippines' oldest conglomerate Ayala Corp. (1,344th), JG Summit Holdings of the Gokongwei family (1,525th) and Top Frontier Investment Holdings, the parent firm of diversified conglomerate San Miguel Corp. (1,792nd).
Forbes said this year's Global 2000 companies hail from 61 countries and account for combined revenues of $39 trillion, profits of $3 trillion, with assets worth $162 trillion and a market value of $48 trillion.
China's four biggest banks were perched on the first four spots of the list, with Industrial and Commercial Bank of China topping the list for a third consecutive year.
The other Chinese firms include China Construction Bank, Agricultural Bank of China and Bank of China.
Forbes said this was the first time China had the world's four biggest companies.
Warren Buffet's Berkshire Hathaway ranked 5th on the list, followed by JPMorgan Chase & Co., ExxonMobile, Petro-China, General Electric and Wells Fargo.
-With Charmie Joy Pagulong