Top 10 Conglomerates in the Philippines (2026)

Walk through any Philippine city and you’ll run into the same handful of names before lunch.

The mall you shop in. The bank that holds your salary. The beer at dinner, the toll road home, the power that keeps the lights on. In most economies these would be a dozen unrelated companies. In the Philippines, they often trace back to the same few family-led groups.

A small number of holding companies sit across retail, property, banking, energy, food, telecoms and infrastructure, and their decisions shape where the country invests, builds and hires.

And the groups aren’t standing still. Over the past few years the country’s biggest companies have handed leadership to a new generation, written off whole businesses, sold stakes and listed new ones. San Miguel now has a second Ang, Ramon Ang’s son John Paul, in the president’s chair. Ayala’s fintech bet, Mynt, became a listed company in October 2026. JG Summit took a heavy impairment on its petrochemical operations.

This guide looks at the top conglomerates in the Philippines for 2026, what each one owns, how it performed in 2025 and who it suits best as a partner.

Why Businesses Are Investing in Conglomerates in the Philippines

Philippine business groups remain the main gateway to the market, and the reasons are practical rather than sentimental.

Reach across the whole economy

One relationship can open doors to malls, banks, homes, power plants and consumer brands, saving a new entrant years of building distribution.

Scale that few others can match

BusinessWorld’s annual Top 1000 ranking found that the country’s largest corporations generated P19.51 trillion in gross revenue in 2024, up 8.1%, and the top of that list is dominated by conglomerates and their units.

Resilience through diversification

When one sector slows, another usually picks up. In 2025, banking and property offset softer telecoms results at Ayala, while food and beverages drove growth at Aboitiz as its core profit held flat.

Access to capital and long-term projects

The largest groups can fund airports, toll roads and power plants that smaller firms can’t touch, and their bank arms let them commit to decade-long programmes.

Top 10 Conglomerates in the Philippines at a Glance

Rank	Company	Primary Strength	Best For	HQ / Founded
1	SM Investments Corporation	Retail, banking and property	Consumer brands and retail partners	Pasay City / 1958
2	San Miguel Corporation	Food, beverages, fuel, power, infrastructure	Large-scale infrastructure and FMCG	Mandaluyong / 1890
3	Ayala Corporation	Property, banking, telecoms, energy	Long-horizon strategic partnerships	Makati / 1834
4	JG Summit Holdings	Food, airline, property, digital banking	Consumer, travel and fintech ventures	Pasig / 1990
5	GT Capital Holdings	Banking and automotive	Automotive and financial services	Makati / 2007
6	Aboitiz Equity Ventures	Power, banking, food, infrastructure	Energy, agribusiness and technology	Taguig / 1989
7	Alliance Global Group	Townships, spirits, leisure	Real estate and hospitality	Taguig / 1993
8	LT Group	Banking, tobacco, spirits, beer	Consumer goods and banking	Taguig / 1937
9	Metro Pacific Investments	Power, water, toll roads, hospitals	Infrastructure and utilities	Makati / 2006
10	DMCI Holdings	Construction, coal, power, mining	Construction and energy projects	Makati / 1995

Top 10 Conglomerates in the Philippines (2026)

Here’s how the country’s leading diversified groups compare, ranked on scale, profitability and breadth.

1. SM Investments Corporation

SM began in 1958 as ShoeMart, a shoe store founded by Henry Sy Sr. Today SM Investments, headquartered at OneE-com Center in Pasay City, is the holding company for SM Retail, SM Prime Holdings and stakes in BDO Unibank and China Banking Corporation. It booked net income of P90.5 billion in 2025, up 10%, on revenues of P681.7 billion.

Banking delivered 49% of 2025 net income, property 27%, retail 18% and portfolio investments 6%. BDO alone earned P87.2 billion, while SM Prime’s profit rose 7% to P48.8 billion. SM Investments was again the highest-ranked Philippine firm on the 2026 Forbes Global 2000, at 1,029th. Frederic C. DyBuncio is president and CEO.

Key Solutions:

• ✔ SM Supermalls and SM Retail stores nationwide
• ✔ Banking through BDO Unibank and China Bank
• ✔ Residential, office and hotel development via SM Prime
• ✔ Portfolio stakes in logistics, mining and food

Best for: Consumer brands, tenants and suppliers that want national retail reach.

2. San Miguel Corporation

Founded in Manila in 1890 as La Fábrica de Cerveza San Miguel, San Miguel Corporation is now the country’s largest conglomerate by revenue. From its head office in Mandaluyong it runs food and beverages, Petron fuels, power generation and infrastructure. Consolidated revenue reached about P1.5 trillion in 2025, and core net income jumped 52% to P79.6 billion.

San Miguel Food and Beverage was the biggest earner, with net income of P46.3 billion on P419.1 billion in revenue. Petron posted a record P15.6 billion profit. Parent Top Frontier ranked 10th on the 2026 Fortune Southeast Asia 500. Ramon S. Ang is chairman and CEO, and his son John Paul Ang has served as vice chairman, president and COO since 2024.

Key Solutions:

• ✔ San Miguel Beer, Ginebra San Miguel and packaged foods
• ✔ Petron fuels and refining
• ✔ Power generation and battery storage
• ✔ Toll roads and airport projects

Best for: Contractors and investors working on national-scale infrastructure or FMCG supply.

3. Ayala Corporation

Founded in 1834, Ayala Corporation is the oldest group on this list. Headquartered in Makati, it holds Ayala Land, the Bank of the Philippine Islands, Globe Telecom and ACEN, plus newer health, logistics and mobility units. Core net income hit a record P48.3 billion in 2025, up 7%, while reported net income rose 46% to P61.4 billion on revaluation gains from fintech arm Mynt and an asset sale at Ayala Land.

BPI earned P66.6 billion, and Globe recorded gross service revenues of P165.1 billion. Mynt, the parent of GCash, listed on the Philippine Stock Exchange in October 2026 and has since reported a 17.4% rise in nine-month net income. Cezar P. Consing is president and CEO, and Jaime Augusto Zobel de Ayala is chairman. In April 2026, Consing also became chairman of Globe.

Key Solutions:

• ✔ Mixed-use estates and malls through Ayala Land
• ✔ Banking via BPI
• ✔ Mobile, broadband and GCash through Globe and Mynt
• ✔ Renewable energy through ACEN

Best for: Partners looking for a long-term strategic ally with deep governance credentials.

4. JG Summit Holdings

John Gokongwei Jr. incorporated JG Summit Holdings in 1990, and the group is based at Robinsons Equitable Tower in Ortigas, Pasig City. Its main businesses are Universal Robina Corporation, Cebu Pacific and Robinsons Land, with GoTyme Bank among its digital plays and core stakes in BPI, Meralco, PLDT and Singapore Land. Revenue from ongoing businesses rose 9% to P368.6 billion in 2025.

Cebu Pacific’s revenue grew 14% to P119.9 billion and Robinsons Land’s profit rose 8%. But a P114.3 billion impairment on discontinued petrochemical operations pushed the group to a net loss of P87.9 billion. Core net income was P36.4 billion. Lance Gokongwei, president and CEO since 2018, was named a 2026 Management Person of the Year by the Management Association of the Philippines.

Key Solutions:

• ✔ Snacks, beverages and packaged food via URC
• ✔ Domestic and regional flights via Cebu Pacific
• ✔ Malls, offices and residences via Robinsons Land
• ✔ Digital banking through GoTyme Bank

Best for: Consumer, travel and fintech businesses seeking a mass-market partner.

5. GT Capital Holdings

George S.K. Ty founded GT Capital Holdings in 2007, and it is headquartered at GT Tower on Ayala Avenue, Makati. The group’s anchors are Metrobank and Toyota Motor Philippines, alongside Federal Land, AXA Philippines and a stake in Metro Pacific Investments. Consolidated net income rose 17% to P33.68 billion in 2025.

Its two engines both had record years. Metrobank earned P49.7 billion, and Toyota Motor Philippines sold a record 229,447 vehicles at retail, lifting its profit 18.9% to P19.0 billion. Federal Land earned P522.3 million and AXA Philippines P2.5 billion. Carmelo Maria Luza Bautista is president of the group. The group ranked 57th on the 2026 Fortune Southeast Asia 500.

Key Solutions:

• ✔ Banking and wealth services via Metrobank
• ✔ Vehicle assembly and distribution via Toyota Motor Philippines
• ✔ Property development via Federal Land
• ✔ Insurance via AXA Philippines

Best for: Automotive suppliers and financial services firms.

6. Aboitiz Equity Ventures

The Aboitiz family business began in the late 1800s as an abaca trading firm in Ormoc, Leyte, and Aboitiz & Company was incorporated in 1920. Aboitiz Equity Ventures, set up in 1989 and listed in 1994, is based at NAC Tower in Taguig. It holds AboitizPower, UnionBank, Aboitiz Foods, Aboitiz InfraCapital and Coca-Cola Europacific Aboitiz Philippines.

Core net income held steady at P25.5 billion in 2025 and total assets rose 13% to P1 trillion. AboitizPower remained the largest contributor, while the food business grew its contribution 28% to P7.6 billion. The group is pursuing a plan to become what it calls the country’s first “techglomerate”, and it made the Fortune Southeast Asia 500 for a third straight year in 2026. Sabin Aboitiz is president and CEO.

Key Solutions:

• ✔ Power generation and distribution via AboitizPower
• ✔ Digital-first banking via UnionBank
• ✔ Food and agribusiness via Aboitiz Foods
• ✔ Airports and industrial estates via Aboitiz InfraCapital

Best for: Energy, agribusiness and technology partners.

7. Alliance Global Group

Alliance Global Group was founded in 1993 and has been based at Alliance Global Tower in Uptown Bonifacio, Taguig, since 2017. The group, controlled by the family of tycoon Andrew Tan, owns Megaworld, Emperador and Travellers International, the operator of Newport World Resorts. It posted record net income of P30.6 billion in 2025, up 10%, on consolidated revenue of P189.7 billion.

Megaworld is the main engine, with P85.9 billion in revenue from its townships across the country. Emperador, maker of Emperador brandy and owner of Whyte and Mackay and Fundador, brought in P57.0 billion. The group deconsolidated McDonald’s Philippines operator Golden Arches Development Corp. in 2025 but kept a 49% stake. Kevin L. Tan is chief executive.

Key Solutions:

• ✔ Integrated townships via Megaworld
• ✔ Brandy and Scotch whisky via Emperador
• ✔ Integrated resort operations via Newport World Resorts
• ✔ Quick-service restaurants through its McDonald’s stake

Best for: Real estate, hospitality and drinks partners.

8. LT Group

LT Group traces its corporate roots to 1937, when it was incorporated as The Manila Wine Merchants, and it was known as Tanduay Holdings until 2012. Headquartered in Bonifacio Global City, Taguig, it holds Philippine National Bank, Fortune Tobacco, Tanduay Distillers, Asia Brewery and Eton Properties. Attributable net income reached P30.98 billion in 2025, its fourth straight year of record profit.

PNB, the group’s bank, contributed P14.26 billion, or 46% of group earnings, and Fortune Tobacco, which owns half of PMFTC, added P11.24 billion. Tanduay earned around P3.1 billion, Asia Brewery about P870 million and Eton Properties P765 million. Lucio Tan is chairman and CEO.

Key Solutions:

• ✔ Commercial banking via PNB
• ✔ Tobacco through Fortune Tobacco and PMFTC
• ✔ Rum and spirits via Tanduay
• ✔ Beer and beverages via Asia Brewery

Best for: Consumer goods distributors and banking partners.

9. Metro Pacific Investments

Metro Pacific Investments Corporation was created in 2006 and is based in Makati. It’s one of the key Philippine units of Hong Kong-based First Pacific. MPIC left the Philippine Stock Exchange in October 2023 after a tender offer, but it remains one of the country’s largest infrastructure groups, with interests in Meralco, Maynilad, Metro Pacific Tollways and a hospital network.

Core net income rose 15% to P27.1 billion in 2025, and contributions from operations grew 13% to P32.1 billion. Power was the biggest contributor, with Meralco earning P50.6 billion in core profit, while Maynilad’s core income climbed 19% on a tariff adjustment. Toll revenues reached P36.9 billion. Manuel V. Pangilinan is chairman, president and CEO.

Key Solutions:

• ✔ Electricity distribution via Meralco
• ✔ Water and wastewater via Maynilad
• ✔ Expressways via Metro Pacific Tollways
• ✔ Private hospitals via Metro Pacific Hospitals

Best for: Utility, engineering and healthcare partners.

10. DMCI Holdings

DMCI’s construction business, D.M. Consunji Inc., was founded in 1954. DMCI Holdings was incorporated as its holding company in 1995 and is based at the Dacon Building in Makati. Its portfolio covers construction, DMCI Homes, Semirara Mining and Power, DMCI Power, nickel mining, cement and a stake in Maynilad. Net income fell 20% to P15.1 billion in 2025 as coal prices softened and cement losses grew.

Operationally, Semirara posted record coal production and power generation, DMCI Power had a record year and DMCI Mining produced a record 2.0 million wet metric tons of nickel ore. DMCI Homes lifted its contribution 14%, and the Maynilad stake added P3.7 billion, up 11%. Isidro A. Consunji is chairman, president and CEO.

Key Solutions:

• ✔ General construction via D.M. Consunji Inc.
• ✔ Coal mining and power via Semirara
• ✔ Mid-market housing via DMCI Homes
• ✔ Power generation via DMCI Power and nickel mining

Best for: Construction, mining and energy partners.

How to Choose the Right Conglomerate Partner

The biggest companies in the Philippines aren’t always the right fit for every partner.

Match the group to your sector

Each group has a centre of gravity. SM leans on retail and banking, Aboitiz on power and food, GT Capital on cars and lending. Start with the group whose core business is closest to yours.

Look past the headline profit

Reported numbers can swing on one-off gains and write-downs, as JG Summit’s 2025 impairment showed. Core or recurring income gives a cleaner view of how the underlying businesses are doing.

Check who makes the decisions

Leadership has shifted at several groups recently. Know whether a founder, a professional CEO or a next-generation executive signs off on deals in your area.

Understand the bank connection

Most of these groups own or hold stakes in a major bank. That can ease financing for suppliers and joint ventures. It’s a pattern seen across the region, including among the top banks in Indonesia.

Think about long-term direction

Groups are steering capital towards renewables, digital finance and infrastructure. Partners that fit those priorities tend to find more open doors.

FAQs

Which are the largest conglomerates in the Philippines?

By revenue, San Miguel Corporation is the biggest, with about P1.5 trillion in 2025. By profit, SM Investments leads, with P90.5 billion in 2025 net income.

Why are Philippine business groups so diversified?

Many grew by using cash from one business to fund the next. Owning banks, property and consumer brands together also helps them ride out downturns in any single industry.

Is Metro Pacific Investments still listed?

No. MPIC was delisted from the Philippine Stock Exchange in October 2023, but it continues to operate and report results as a major infrastructure group under First Pacific.

Are Philippine conglomerates moving into fintech?

Yes. Ayala and Globe back Mynt, the parent of GCash, while JG Summit runs GoTyme Bank and Aboitiz owns UnionBank. Independent players are growing too: digital lender Salmon recently raised a further $140 million from existing investors.

Conclusion

The conglomerates in the Philippines still control a remarkable share of the economy, from groceries and beer to power and toll roads. Their 2025 results show broad strength, with record profits at Alliance Global and LT Group, record core earnings at Ayala and double-digit growth at SM, alongside tougher years for petrochemicals and coal.

For any company entering or expanding in the market, these top companies in the Philippines are the obvious starting point. Pick the one whose strengths match your own, check who now leads it, and plan for a partnership measured in years rather than quarters.