AS THE WORLD bounced back from the 2008 financial crisis, so did the Philippine economy strengthen in 2010, propped up by spending for another presidential election.
The World Bank said this reflected “rapid recovery and election-related spending amidst a strong external position which has led to a sovereign credit rating upgrade in November (2010) by Standard & Poor’s.”
It was in this environment that so companies entered BusinessWorld’s Top 1,000 Corporations list for the first time, having posted gross revenues of at least P1.12 billion each.
Ahead of the pack was Ongpin-led Top Frontier Investment Holdings, Inc. which zoomed to 14th place with an exponential leap in revenues, to P66.1 billion last year from P2.32 billion in 2009.
The holding company has been gradually increasing its stake in food-to-power conglomerate San Miguel Corp. Just last year, it forged two deals that would allow it to hike up its stake in San Miguel to at least 60% by the end of 2012.
Other newcomers were Beacon Electric Asset Holdings, Inc. which took the 518th spot, Q-Tech Alliance Holdings, Inc.(No. 674), Union Cement Holdings Corp.(No. 738), City Savings Bank, Inc.(No. 813), Fundline Finance Corp.(No. 848), and Orix Metro Leasing and Finance Corp.(No. 971).
The Bangko Sentral ng Pilipinas said the Philippine financial system continued to build on the resilience it exhibited at the height of the 2008 global crisis. “Sustained implementation of key financial sector reforms together with the improving macroeconomic environment augured well for the financial system,” it said in a 2010 status report.
No.4 on the list of new entrants was power producer administrator Therma Luzon, Inc. which placed 47th overall with gross revenues of P23.92 billion, up by 631% from just P3.27 billion in 2009.
Other energy newcomers were Panasia Energy Hold ings, Inc.(No. 113), Sem-Calaca Power Corp.(No. 173), Therma Power, Inc.(No. 191), Green Core Geothermal, Inc.(No. 213), and Therma Marine, Inc.(No. 290).
From the manufacturing industry emerged Panasonic System Networks Philippines Corp., whose P2o-billion revenue earned it the 61st spot in overall rankings. Its peers in the new entrants list were Pacific Paint (Boysen) Philippines, Inc. (No. 156), Pure Essence International,Inc. (No. 620), Asian Coatings Phils., Inc. (No. 947), Big “E” Food Corp.(No. 990), and PDM Philippines Industries, Inc.(No. 998)., with revenues ranging from about P1 billion to P9.5 billion.
Wholesale and retail trade companies dominated the ranks of new competitors in this edition, with 10 entrants led by Procter & Gamble Distributing (Philippines), Inc. which placed 194th overall. Following it were Shogun Management & Development Corp.(No. 540), Costsaver’s Supermarket, Inc.(No. 623), Veloce Distributions, Inc.(No. 733), RCS Eastern Intertrade Corp.(No. 891), CW Marketing & Development Corp.( No. 892), Lucena Sales Gas, Inc.(No. 972), PGA Cars, Inc.(No. 983), Jenra, Inc.(No. 996), and La Nueva Supermart, Inc. which took the final spot.
Driven by increased demand for residential condominiums and medium and high-end housing for overseas Filipino workers, the real estate industry saw two members join the country’s 500 highest grossers last year – Eton Properties Philippines, Inc.(No. 382) and Property Company of Friends, Inc.(No. 423).
Information and communication companies also debuted in the list, with software firms Misys Philippines,Inc. and Lawson PS C, Inc. placing 895th and 931st , respectively. Not far behind was ISM Communications Corp., which grabbed the 955th spot.
The capital-intensive mining and quarrying sector received strong external and domestic demand last year and sent two more firms to the top 1,000 – Rapu-Rapu Processing, Inc.(No. 398) and DMCI Mining Corp.(No. 638).
Transport firms Montenegro Shipping Lines. Inc. and Metro Pacific Tollways Corp. also entered the list, settling at No. 862 and No. 957 respectively. New entrants from the food, rest and recreation services sector were Clark Resort Travel and Amusement Corp. (No. 512), Yellow Cab Food Corp.(No. 88o), and Epicurean Partners Exchange, Inc.(No.999).