Philippine Firms Dominate Fortune's SE Asia List as Commodity Giants Slow

Singapore’s Trafigura Group topped the regional ranking with $240.27 billion in revenues. Thailand’s PTT came second at $81.04 billion, Indonesia’s PT Pertamina third at $70.9 billion, and Singapore’s Wilmar International fourth at $70.42 billion. Vietnamese companies posted the strongest revenue growth at 10.5%, accounting for about a quarter of the overall revenue gain this year, Fortune said. Gains also came from Singaporean banks, the tech group Sea, and restructuring rebounds at Thai Airways and True Corp.

For the Philippine cohort, the list underscores a familiar pattern: holding companies and conglomerates – Top Frontier, SM Investments, Ayala, Aboitiz – dominate the top tier, while pure-play commodity names like Nickel Asia ($515 million, 453rd) sit farther down. Steel Asia ($737 million, 356th) remains the country’s lone steel maker on the list. The overall composition mirrors a developing economy where banking, retail, and infrastructure still drive the bulk of revenue, with commodity exposure more concentrated in a few players.

Vietnamese companies accounted for about a quarter of the overall revenue gain this year, Fortune said.