FORTY Philippine companies, two more than last year, made it to this year’s Fortune Southeast Asia 500 list, an annual ranking of the region’s top firms in terms of revenue.

San Miguel Corp. retained 9th place to stay the highest-ranked Philippine firm with $27.5 billion in revenues, up from $26.02 billion in 2024.

SM Investments Corp., meanwhile, gained two spots to 25th on revenues of $11.43 billion, while Manila Electric Co. fell a notch to 35th at $8.2 billion.

Ayala Corp. (47th from 70th previously, $6.46 billion) leapfrogged JG Summit Holdings Inc. (50th from 55th, $6.24 billion) to take fourth on the list of the top 10 Filipino firms.

BDO Unibank Inc. (52nd from 57th, $6.1 billion), GT Capital Holdings Inc. (61st from 74th, $5.61 billion), Aboitiz Equity Ventures Inc. (68th from 59th, $5.29 billion), Jollibee Foods Corp. (79th from 86th, $4.71 billion) and Cosco Capital Inc. (88th from 95th, $4.14 billion) rounded out the top 10 Filipino firms in the Southeast Asia 500.

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Taking the top spot on the list was Singapore’s Trafigura Group ($243.2 billion), with the rest of the top 10 comprising Thailand’s PTT ($87.64 billion), Indonesia’s Pertamina ($75.33 billion), Singaporean firms Wilmar International ($67.38 billion) and the Olam Group ($42.03 billion), Indonesia’s Perusahaan Listrik Negara ($34.44 billion), Singapore’s DBS Group Holdings ($29.04 billion), Thailand’s CP ALL ($28.01 billion), and San Miguel and Singapore’s Flex ($22.3 billion).

Indonesia had the most firms in the second edition of the Southeast Asia 500 at 109, followed by Thailand (100), Malaysia (92) Singapore (81), Vietnam (76), the Philippines (40) and Cambodia (2).

The other Philippine companies in this year’s ranking were:

– Bank of the Philippine Islands (90th from 112th, $4.06 billion)

– Alliance Global Group Inc. (92nd from 100th, $3.9 billion)

– PLDT Inc. (95th from 97th, $3.78 billion)

– Metropolitan Bank & Trust Co. (96th from 108th, $3.61 billion)

– Robinsons Retail Holdings Inc. (100th from 105th, $3.48 billion)

– Globe Telecom Inc. (114th from 111th, $3.15 billion)

– PAL Holdings Inc. (116th from 113th, $3.11 billion)

– Lopez Holdings Corp. (120th from 122nd, $2.92 billion)

– International Container Terminal Services Inc. (125th from 145th, $2.87 billion)

– LT Group Inc. (153rd from 169th, $2.25 billion)

– China Banking Corp. (178th from 206th, $1.9 billion)

– UnionBank of the Philippines (182nd from 186th, $1.88 billion)

– DMCI Holdings Inc. (185th from 159th, $1.79 billion)

– Filinvest Development Corp. (186th from 189th, $1.78 billion)

– Rizal Commercial Banking Corp. (203rd from 201st, $1.57 billion)

– Monde Nissin Corp. (210th from 205th, $1.45 billion)

– Security Bank Phils. (220th from 267th, $1.32 billion)

– Century Pacific Food Inc. (221st from 238th, $1.31 billion)

– DigiPlus Interactive Corp. (223rd from 482nd, $1.31 billion)

– Metro Pacific Investments Corp. (227th, first appearance, $1.27 billion)

– Synergy Grid & Development Phils. Inc. (286th from 286th, $925 million)

– Bloomberry Resorts Corp. (289th from 307th, $921 million)

– Basic Energy Corp. (311th from 244th, $837 million)

– D&L Industries Inc. (355th from 404th, $710 million)

– Converge ICT Solutions Inc. (356th from 389th, $708 million)

– Metro Retail Stores Group Inc. (361st from 363rd, $639 million)

– Manila Water Co. Inc. (384th from 435th, $639 million)

– Wilcon Depot Inc. (402nd from 398th, $596 million)

– SSI Group Inc. (435th from 473rd, $524 million)

– Nickel Asia Corp. (492nd, first appearance, $389 million)

Metro Pacific and Nickel Asia are the two new Philippine entrants.

In a statement, Ayala Corp. said its jump to 47th “mirrors the dynamism in the region’s business environment and reflects the conglomerate’s momentum, having logged its strongest year yet in 2024.”

Subsidiaries BPI and Globe also made the list, and the conglomerate said its rankings this year “is a testament to its sustained momentum and affirms its strategic presence in key growth sectors.”

DigiPlus, which notched the highest jump among the 40 Philippine firms, said that being part of the Fortune list “is a reflection of the trust we’ve earned and the impact we deliver.”

Bloomberry, meanwhile, said its gain this year was due to contributions from the Solaire Resort North development in Quezon City.