SM leads PH firms in Forbes' 200 Asian companies with sales over $1B

ABS-CBN News

Posted at Aug 28 2019 04:56 PM

MANILA - Eight of the country's largest firms landed in Forbes Asia's list of the best 200 listed companies in the Asia Pacific region with sales above $1 billion. 

Forbes Asia said SM Investments Corp led the list of Philippine firms, with sales of nearly $8 billion and a $704 million income. 

San Miguel Food and Beverage came in second, followed by JG Summit Holdings, Ayala Corp, Jollibee, GT Capital Holdings, Cosco Capital and Megaworld. 

China's Alibaba, owned by billionaire Jack Ma, topped Forbes 200 list with sales of over $56 billion and an income of over $13 billion.

Alibaba was followed by fellow Chinese firm Tencent Holdings, with over $47 billion in revenues and almost $12 billion in profits.

The list was dominated by Chinese, Singaporean, Taiwanese, South Korean and Japanese firms. 

Forbes noted that there was a connection between the best listed companies and members of its list of richest individuals and families in the Asia Pacific region. 

"Nearly about two-thirds of the companies on this list are controlled or connected to families or individuals who have appeared on Forbes Asia rich lists," Forbes said. 

SM is controlled by the Sy family, which is the richest in the Philippines. 

Other companies on the list are controlled by families and billionaires that have also landed in Forbes' list of richest individuals and families.