Three Philippine firms joined the ranks of Forbes Magazine's top 50 Asian companies this year based on financial track records.
Andrew Tan's holding firm Alliance Global Group Inc., food chain operator Jollibee Foods Corp., and the country's oldest conglomerate Ayala Corp. were included in Forbes' ninth annual Fabulous 50 list for the first time.
"Companies that are not only surviving but also shining in these times make up our ninth annual roster of Asia-Pacific’s best 50 big listed companies," Forbes said.
In choosing Asia's Fab 50 companies, Forbes said it started with a pool of 1,220 companies that had at least $3 billion in revenue or market capitalization.
"We looked at each company’s track record for revenue, profits, return on capital and share-price movements, and then we sized up the outlook. If it had too much debt or the government owned at least half the shares, it was out," it noted.
As of August 2013, Forbes said, Alliance Global Group Inc. has a market value of $6.5 billion with sales reaching $2.3 billion; Ayala Corp. has a market value of $8.2 billion with sales of $2.5 billion; and Jollibee Foods Corp. has a market value $4.2 billion with sales of $1.7 billion.
Forbes also noted that executives of these three local firms are also on its list of the Philippines' 50 wealthiest people: Andrew Tan, chairman of Alliance Global, is ranked third with a net worth of $4.6 billion; Ayala Corp. chairman Jaime Zobel de Ayala and family are ranked sixth with a net worth of $3.1 billion; and Jollibee Foods Corp. chairman Tony Tan Caktiong and family are ranked 11th with a net worth of $1.7 billion.
Dominating the "Fabulous 50" list is China with 20 companies (down from 23 last year), followed by India with 12 entries from 11 last year. Forbes noted that every country was represented except for Japan.
In terms of industry, Forbes said technology companies accounted for the bulk of the total with nine firms, followed by consumer durables industry with seven and real estate with five. — Danessa O. Rivera/BM, GMA News