Aboitiz in inaugural 2024 Fortune Southeast Asia 500 list

Global multi-platform media company, Fortune has recognized Aboitiz Equity Ventures (AEV) and Union Bank of the Philippines (UBP) as two of the best performing companies in Southeast Asia, a testament to the Group’s transformation initiatives to become the country’s first techglomerate.

Fortune announced its newest category of business ranking, Southeast Asia 500 on 18 June, 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.

Companies in the list were ranked by Fortune in terms of revenue for the 2023 fiscal year. These companies are from seven Southeast Asian nations namely the Philippines, Indonesia, Thailand, Malaysia, Singapore, Vietnam and Cambodia.

After an exhaustive evaluation process, AEV made it to Fortune’s inaugural publication of the Southeast Asia 500 list at rank 59 while the Aboitiz Group’s Union Bank of the Philippines’ Banking and Financial Services business unit was ranked 186th on the list.

“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 US 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.

For his part, Khoon-Fong Ang, Fortune’s Chief of Operations, Asia, said, “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.”

The prestigious ranking for AEV and UBP 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. Aboitiz. “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 four years, namely Citibank’s consumer banking business, the operation and management of the Mactan-Cebu International Airport, and a 40 percent stake in Coca-Cola Beverages Philippines Inc.

Also 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 facility in the country along with two other top energy companies San Miguel Global Power Holdings Corp and Meralco PowerGen Corporation.

The Aboitiz Group is also recognized as a leader in Sustainability due to its steadfast dedication in implementing and advancing sustainable practices and governance.