5 Philippine firms land on Forbes Asia’s ‘Best Under A Billion’ list
For staying “resilient” despite global trade tensions, five Filipino companies made it to this year’s Forbes Asia 200 Best Under a Billion list, standing out among thousands of publicly listed companies in the region.
The list counts 200 publicly listed companies in Asia-Pacific with annual sales above $10 million and below $1 billion. According to Forbes, the companies were selected based on debt, sales and earnings-per-share growth over their most recent one- and three-year fiscal periods.
Converge ICT Solutions Inc. stood out with the highest sales among the Philippine companies at $709 million and net income at $189 million.
Valued at $2.33 billion, the internet service provider led by tycoon Dennis Anthony Uy currently has more than 2.7 million subscribers served via Converge’s 710,000 kilometers of fiber optic assets.
Enrique Razon Jr.-led Apex Mining was also included with sales totaling $254 million, net income at $76 million and market valuation at $687 million.
Others on the 24th iteration of the list were holding firm A. Soriano, whose core assets include cable and wire manufacturer Phelps Dodge Philippines and luxury island resort Amanpulo through Seven Seas Resorts and Leisure, with $226 million in revenues; Figaro Culinary Group, the brand behind Angel’s Pizza and Figaro Coffee, with $97 million in sales; and Philippine Bank of Communications, a second-timer on the list along with 68 others, with $195 million.
Citing data from the International Monetary Fund, Forbes said growth in the Asia-Pacific region was predicted to slow down this year.
Still, the magazine noted that several industries continued to shine, including financial services with 18 companies on the list and beauty with 13 companies, mostly from South Korea.
“Other companies in the region have benefited from the gathering momentum in the segments in which they operate, such as renewable energy, electric vehicles and data centers,” Forbes said in a statement.
Homegrown fast-food chain Jollibee Foods Corp. is one of the most notable alumni of the list, along with tech companies Baidu, Alibaba and Tencent; car maker Geely Automobile; and budget carrier AirAsia.
