Aboitiz Equity Ventures (AEV) and Union Bank of the Philippines (UBP) have been recognized by Fortune, a global multi-platform media company, as two of the best performing companies, a testament to the Group’s transformation initiatives to become the country’s first techglomerate. On June 18, Fortune announced its newest category of business ranking, Southeast Asia 500, citing AEV among the top businesses in the region. Firms included in the list join an elite group of companies recognized under the Fortune 500 franchise.
Fortune ranked the companies by revenue for the 2023 fiscal year. These companies are from seven Southeast Asian nations including the Philippines, Indonesia, Thailand, Malaysia, Singapore, Vietnam and Cambodia. After an exhaustive evaluation process, AEV made it in Fortune’s first-ever publication of the Southeast Asia 500 list at rank 59 and Aboitiz Group’s Banking and Financial Services business unit, Union Bank of the Philippines at rank 186.
“The Fortune Southeast Asia 500 reflects a dynamic and fast-changing region — one whose core economies are growing notably faster than those of Europe or the U.S. This is partly due to Southeast Asia taking on far greater significance in the global economy, not least because a host of Global 500 multinationals have shifted more of their supply chains to Southeast Asian nations,” said Clay Chandler, Executive Editor, Asia at Fortune.
“We are thrilled to introduce the Southeast Asia 500 to our international readers as we build on the 70-year history of publishing the Fortune 500. With this new list, we turn the spotlight on the impressive growth story of Southeast Asia and the largest companies driving this diverse region and its economies,” said Khoon-Fong Ang, Fortune’s Chief of Operations, Asia.
This prestigious ranking comes as the Group continues its Great Transformation, headlining the last few years with major acquisitions and partnerships across Philippine business and industry.
“This recognition is a testament to our continued commitment to excellence and innovation in Southeast Asia,” said Aboitiz Group President and CEO Sabin M. Abotiz. “It not only acknowledges our achievements thus far, but also reminds us to keep pushing forward.”
The Group has undertaken several big-ticket acquisitions in the last 4 years, namely the Citibank’s consumer banking business, the operation and management of the Mactan-Cebu International Airport, and a 40% stake in Coca-Cola Beverages Philippines, Inc. In March, the Group’s power arm, Aboitiz Power, entered into a $3.3 Billion deal to operate the most expansive integrated liquefied natural gas (LNG) facility in the country along with two other top energy companies San Miguel Global Power Holdings Corp (SMGP) and Meralco PowerGen Corporation (MGen).
The Aboitiz Group is also recognized as a leader in Sustainability due to its steadfast dedication in implementing and advancing sustainable practices and governance.
Fortune magazine is one of the most esteemed business publications around the world, most known for their Fortune 500 ranking that lists the top companies in the United States, and the Global 500 listing the world’s largest companies.
