Top 1,000 companies in the Philippines post P19.51-trillion gross revenues in 2024

By Abigail Marie P. Yraola, Deputy Research Head

THE TOP 1,000 corporations in the Philippines weathered economic shocks in 2024 as their balance sheets remained stable despite geopolitical tensions and subdued global demand.

While profit growth slowed, the top corporations’ resilience was buoyed by easing inflation and the central bank’s rate cuts in 2024.

The latest edition of BusinessWorld Top 1000 Corporations in the Philippines showed their combined gross revenues climbed by 8.1% to P19.51 trillion in 2024, a tad faster than the 7.2% revenue growth in 2023.

However, their aggregate net income grew by 10.2% to P2.16 trillion in 2024, slowing from 16.6% growth in 2023.

BusinessWorld defines gross revenue as the sum of net sales and nonoperating income while net income is the profit realized by the company after deducting cost of sales, operating and other expenses and taxes.

Top corporations’ financial performance in 2024 reflected the Philippine economy’s resilience amid easing inflation and lower interest rates.

The country’s gross domestic product (GDP) expanded by 5.7% in 2024, slightly better than the 5.5% expansion in 2023 and was the strongest reading in two years or since the 7.6% growth in 2022. Still, this was below the government’s goal of 6% to 6.5%.

Headline inflation in 2024 quickened to 3.2%, settling within the Bangko Sentral ng Pilipinas’ (BSP) 2% to 4% target. This was the slowest print since the 2.4% logged in 2020.

Low inflation allowed the BSP to begin its easing cycle in August 2024. Since then, the BSP has slashed interest rates by a cumulative 200 basis points.

BusinessWorld’s annual Top 1000 ranks private and public stock corporations in the Philippines according to their gross revenues for the most recent year.

Using the latest available full-year audited financial statements, the latest edition of the annual magazine had a gross revenue cutoff of P3.94 billion, higher than the previous edition’s of P3.15 billion.

Of the 1,000 companies included in the list, 733 saw their gross revenues grow in 2024, higher than the 683 in the previous year.

In terms of profitability, 628 companies reported a net income, while 372 recorded a net loss.

TOP SECTORS
Companies that secured their spots in the Top 1000 league represented 17 out of the 21 major sectors classified under the 2009 Philippine Standard Industrial Classification (updated 2019).

Similar to the previous edition, 10 sectors posted double-digit growth in gross revenue, with public administration and defense sector’s leading the list as revenues climbed by 31.1% in 2024.

This was followed by arts, entertainment and recreation with a 27.6% increase in revenues, and water supply, sewerage, waste management and remediation activities with 25.1% growth.

On the other hand, agriculture, forestry and fishing sector logged the steepest decline, with its revenues declining by 7.7% during the period.

The manufacturing sector accounted for 31.3% of the total gross revenue of the Top 1000 companies in 2024. The list included 257 manufacturing companies.

At the same time, the list had 273 companies from the wholesale and retail trade sector, which accounted for 22.2% of the total gross revenues.

The services sector, which is a main driver of Philippine economic growth, contributed 57% of the aggregate gross revenue in 2024. This was followed by the industry sector which accounted for 41.8% of gross revenues, and agriculture with a 1.2% share.

Meanwhile, multinational companies (MNC) in the Top 1000 league reported a total of P6.35 trillion in gross revenues in 2024, 12.9% higher than P5.63 trillion in the previous year. MNCs accounted for 32.5% of the Top 1000’s total gross revenues.

Exporting companies’ revenues grew by 4.3% to P3.07 trillion in 2024 from P2.94 trillion previously. Exporters made up 15.7% of the total gross revenues of the Top 1000.

In the latest edition of the annual rankings, 97 corporations were first-time entrants.

PETRON TOPS THE LIST
For the third straight year, Petron Corp. dominated the list of the largest companies in the Philippines by gross revenue in 2024.

The oil refiner and distributor’s gross revenues jumped by 7.1% to P471.86 billion in 2024 from P440.6 billion in the previous year. It also led the list in terms of net sales with P461.17 billion.

Petron’s net income rose by 20.6% to P7.71 billion and ranked 83^rd on the list in terms of profits.

Manila Electric Co. (Meralco) ranked second as its gross revenues reached P426.36 billion in 2024. In terms of net sales, it ranked second with P418.33 billion. Meralco also posted a net income of P33.55 billion.

BDO Unibank, Inc. secured the third spot in the rankings as its gross revenue jumped by 17.1% to P327.18 billion from P283.75 billion in 2023. The banking arm of the SM Group placed third in terms of net sales (P260.75 billion) and led the list in terms of net income (P82.12 billion).

Also included in the top 10 corporations in terms of gross revenues were Shell Pilipinas Corp. (P245.8 billion); Toyota Motor Philippines Corp. (P232.72 billion); Bank of the Philippine Islands (P210.84 billion); Mercury Drug Corp. (P203.98 billion); Metropolitan Bank & Trust Co. (P185.9 billion); Philippine Airlines, Inc. (P185.58 billion); and TI (Philippines), Inc. (P164.51 billion).

TOP CONGLOMERATES
The Top 1000 annual rankings include a separate table comparing largest companies in the Philippines on a consolidated basis which will allow readers see and assess how the impact of additional revenues from subsidiaries can boost conglomerate’s rank.

Top Frontier Investment Holdings, Inc. and subsidiaries continued to be the largest conglomerate in the list of the top 200 conglomerates in 2024.

The holding company, which is the largest shareholder of San Miguel Corp. (SMC), posted P1.66 trillion in gross revenue, 8.4% higher than in 2023. Meanwhile, its net income plunged by 20.4% to P36.18 billion.

Listed diversified conglomerate SMC and its subsidiaries landed second place, with P1.66 trillion in gross revenue, up by 8.4% from P1.53 trillion in 2023.

Petron and its subsidiaries claimed third place with P876.24 billion in gross revenues, rising by 8.9% from P804.97 billion in 2023.

The rest of the top 10 conglomerates included SM Investments Corp. (P660.53 billion); Meralco (P487.32 billion); San Miguel Food and Beverage, Inc. (P405.22 billion); Mermac, Inc. (P397.83 billion); Ayala Corp. (P397.83 billion); JG Summit Holdings, Inc. (P391. 03 billion); and BDO Unibank, Inc. (P349.78 billion).

The BusinessWorld report is based on financial statements submitted by private companies to the Securities and Exchange Commission, listed companies’ annual reports disclosed to the Philippine Stock Exchange; and government-owned and -controlled corporations’ annual reports submitted to the Commission on Audit.

The BusinessWorld Top 1000 Corporations in the Philippines can be purchased directly by reaching out to BusinessWorld’s Circulation Department at (+63 2) 8527-7777 locals 2651 to 2654 or via e-mail at [email protected]. The portable document format (PDF) version will also be available for purchase at https://bworld-x.com/. For further inquiries about the magazine, you may contact the Research Department via e-mail at [email protected].