Forty-two Philippine companies earned spots on the third annual Fortune Southeast Asia 500 ranking, driven by strong performances from the country’s largest family-led conglomerates and financial institutions.

Top Frontier Investment Holdings Inc., the controlling shareholder of San Miguel Corp., maintained its position as the largest corporate entity in the Philippines. The Ramon Ang-led company generated $25.89 billion in revenue for the fiscal year ended Dec. 31, 2025, securing the No. 10 spot in the overall regional ranking.

Following Top Frontier among the domestic leaders was SM Investments Corp., the holding company of the Sy family, which recorded $11.85 billion in revenue. The Metro Pacific Group’s Manila Electric Co. reported $8.65 billion, while the Zobel family's Ayala Corp. posted $6.67 billion. BDO Unibank Inc., also controlled by the Sy family, rounded out the top five domestic firms with revenues of $6.6 billion.

The remaining top 10 Philippine corporations by revenue included GT Capital Holdings Inc. at $6.03 billion, JG Summit Holdings Inc. at $5.94 billion, and Aboitiz Equity Ventures Inc. at $5.47 billion. Jollibee Foods Corp. reported $5.3 billion, while Bank of the Philippine Islands (BPI) concluded the local top tier with $4.57 billion.

While Top Frontier dominated total sales, SM Investments and its banking subsidiary, BDO Unibank, proved to be the most profitable corporate entities in the country. SM Investments recorded a net income of $1.57 billion, closely followed by BDO Unibank at $1.51 billion. BPI posted a profit of $1.15 bilion, Ayala reported $1.06 billion, and Enrique Razon’s International Container Terminal Services Inc. recorded $1.05 billion.

The regional index compiles corporations based on gross revenues for fiscal periods concluding on or before the end of December 2025. Fortune converted local currency reporting using the average exchange rate of 58.72 per United States (US) dollar during the period.

The aggregate revenue across all 500 regional companies reached $1.88 trillion, with combined profits standing at 150 billion.

Fortune noted that the corporate landscape across Southeast Asia is undergoing a structural shift. The traditional energy and commodity giants that have anchored the index since its 2024 launch are experiencing a growth slowdown, opening room for structural expansion in alternative sectors.

Mid-tier companies further down the index are accelerating expansion. Vietnamese firms saw combined revenues rise 10.5 percent to $177.9 billion, or nearly 25 percent of the total revenue increase recorded in the regional list.

Restructured companies, including Thai Airways International Pcl and True Corp., alongside major Singaporean lenders and technology conglomerate Sea Ltd., drove the most significant year-on-year improvements.

“We are honored to be part of this year’s Fortune Southeast Asia 500 for the third time,” said SM Investments President and Chief Executive Officer Frederic C. DyBuncio. Aside from SM and BDO, China Banking Corporation also made it to the list.

SM Investments has been included in the ranking for the third consecutive year since its launch in 2024. SM secured the 28th and 52nd regional rankings, respectively, while Chinabank ranked 161 on the list.

“This recognition reflects the dedication of our people, the trust of our customers, and the valuable contributions of our partners and tenants. It also underscores the important role that businesses play in advancing inclusive growth and strengthening Southeast Asia’s economic development and trade landscape,” added DyBuncio.

He noted that the continued inclusion of SM Investments and its banking subsidiaries highlights the Group’s scale, resilience, and contribution to economic growth in the Philippines and across Southeast Asia.

Aboitiz Equity Ventures marked its third consecutive year on the index. The conglomerate noted that its recurring inclusion underscores the stability of its diversified operations amid shifting regional market dynamics. Union Bank of the Philippines, the banking arm of the Aboitiz Group, also secured a placement on the list.

Sabin M. Aboitiz, president and chief executive officer of Aboitiz Equity Ventures, stated that the recurring inclusion of the conglomerate highlights the consistent execution of its long-term corporate strategy and ongoing business transformation.

DigiPlus Interactive Corp. (DigiPlus) secured the No. 215 regional spot, the 29th among Philippine companies, also marking its third consecutive year on the list.

The firm moved up eight places from No. 223 last year, improving its standing among Southeast Asia's largest companies by revenue. The inclusion reflects DigiPlus' industry leadership and enduring momentum, following a year of resilient performance and continued business expansion.

In 2025, DigiPlus delivered resilient results amid an evolving regulatory and competitive landscape for Philippine online gaming, with revenues growing 12 percent to $1.46 billion (₱84.2 billion).

"We are proud to once again be part of the prestigious Fortune Southeast Asia 500," said DigiPlus Chairman Eusebio H. Tanco.

He added that, "Making the list for the third straight year and moving up the ranks reflects the scale we have built and the consistency of our performance. We celebrate how far DigiPlus has come and remain committed to building a world-class technology and entertainment company."