MANILA - Two companies of taipan Henry Sy topped the list of 8 Philippine firms that were included in the Forbes Global 2000 ranking of the most powerful and most valuable companies in the world.

Leading the list of most powerful and valuable Philippine companies were SM Investments Corp. (No. 823) and BDO Unibank Inc (No. 1018).

SM Investments Corp. is top in terms of market value with a capitalization of $17.8 billion, while BDO held the largest assets valued at $46.8 billion.

• READ: Henry Sy named chairman emeritus of SM Investments

Fellow taipan John Gokongwei's company is third in the Philippines, with JG Summit Holdings (No. 1151) registering a market cap of $11.6 billion.

Other Philippine companies in the list are Ayala Corp (No. 1176), Ramon Ang's Top Frontier Investment Holdings (No. 1228), Metrobank (No. 1531), Aboitiz Equity Ventures (No. 1793) and Meralco (No. 1947).

Henry Sy is the Philippines' richest man with a net worth of $12.7 billion. He ranks 94th in the list of richest in the world.

Meanwhile, in yet another sign of China's ascendancy as an economic powerhouse, two Chinese banks hold steady at the top of the 2017 list: Industrial and Commercial Bank of China ranks No. 1 for the fifth straight year while China Construction Bank is No. 2.

American billionaire Warren Buffett's Berkshire Hathaway is No. 3 followed by JPMorgan Chase, Wells Fargo and several other banking and financial companies.

Despite being the most valuable company in the world with a market capitalization of $752 billion, tech giant Apple is only 9th in the Forbes ranking.

Toyota, the world's largest automaker, meanwhile sits at the 10th spot.

Forbes says its Global 2000 ranking is based on a composite score of revenues, profits, assets and market value.

Source: https://www.forbes.com/global2000/2017