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Ph top 1000 corporations bounce back in 2021

THE Philippines’ top 1,000 corporations bounced back in 2021, with their combined gross revenues hitting P13.44 trillion as the economy slowly recovered from the coronavirus pandemic.

According to the BusinessWorld Top 1000 Corporations in the Philippines report, the aggregate gross revenue of the top companies jumped 17.5% in 2021, from the P11.44 trillion posted during the height of the pandemic in 2020. This was the fastest gross revenue growth since the 24.4% expansion recorded in 2001.

The financial performance of the country’s biggest corporations reflected the recovery of the Philippine economy, as it reopened after the strict lockdowns implemented in 2020.

In 2021, gross domestic product (GDP) expanded by 5.7% in 2021, a turnaround from the record 9.5% contraction in 2020. Similarly, nominal GDP growth or output expansion based on current prices rose by 8.1%, reversing the 8% decline in 2020. Now on its 36th year, the BusinessWorld Top 1000 ranks private and public stock corporations based on gross revenue using the latest available full-year audited financial statements.

The latest edition of the Top 1000 had a gross revenue cutoff of P2.254 billion, higher than the previous edition’s P1.563 billion. Firms included in the Top 1000 list represented 18 out of the 21 major sectors under the Philippine Standard Industrial Classification.

For the second straight year, Manila Electric Co. (Meralco) remained the Philippines’ top corporation. Petron Corp. ranked. Pilipinas Shell Petroleum Corp. (PSPC) climbed three spots to third place. Also included in the top 10 were BDO Unibank, Inc.; PMFTC, Inc.; Mercury Drug Corp. ; Globe Telecom, Inc.; Toshiba Information Equipment (Philippines), Inc.; Philippine Associated Smelting and Refining Corp. ; and Nestlé Philippines, Inc.. The Top 1000 publication also provides a separate table ranking of these companies on a consolidated basis.

This is different from the main top 1,000 list where the parent-only financial statements are used to account only for parent firms’ equitized earnings of their subsidiaries and associates. San Miguel Corp. and its subsidiaries topped the list of the top 200 consolidated corporations followed by Top Frontier Investment Holdings, Inc., Petron and subsidiaries claimed the third spot The rest of the top 10 conglomerates included SM Investments Corp. and subsidiaries, Meralco and subsidiaries, San Miguel Food and Beverage, Inc. and subsidiaries, Ayala Corp. and subsidiaries, Aboitiz Equity Ventures, Inc. and subsidiaries, JG Summit Holdings, Inc. and subsidiaries, and BDO Unibank and subsidiaries. BUSINESSWORLD